Islami Bank gets SEC nod to float Islamic bond
Star Business Report
Islami Bank Bangladesh Ltd got approval from the Securities and Exchange Commission to float Islamic bond styled Mudaraba Perpetual Bond worth Tk 300 crore.The SEC also approved the Initial Public Offering (IPO) application of Continental Insurance to float primary shares worth Tk 9 crore. The approvals were given at a commission meeting of the capital market regulator yesterday, SEC sources said. The Islami Bank through floating such bonds will raise Tk 150 crore from general public, while another Tk 150 crore through private placement. Face value of each bond will be Tk 1,000 with a minimum subscription of Tk 5,000. "The main purpose of the Mudaraba Perpetual Bond is to raise fund to meet the capital adequacy ratio of the Bank," the bank said in its proposal. Continental Insurance will raise a total of Tk 9 crore from the public through floating nine lakh shares of Tk 100 each to expand its business. The company's current paid up capital is also Tk 9 crore. Meanwhile, Standard Bank, which decided to issue one share against two existing shares, also got approval against the face value of Tk 100 each. Currently it's total share capital is Tk 131.2 crore against 13,115,520 shares.
| 
