Islamic Finance’s Tk 300cr bond gets nod

The stock market regulator has approved a proposal of Islamic Finance and Investment Ltd to raise Tk 300 crore by issuing Mudaraba redeemable non-convertible subordinated bonds.

Banks, corporates, insurance companies, non-bank financial institutions and any eligible investors would be allowed to buy the bond through private placement.

The bond will have a tenure of seven years and the proceeds will be used for business expansion, loan repayment and other purposes. The offer price will be Tk 25 lakh per unit.