IFAD Autos’ Tk 300cr bond gets go-ahead

The Bangladesh Securities and Exchange Commission (BSEC) yesterday approved the non-convertible bond of IFAD Autos worth Tk 300 crore.

However, the BSEC has attached a condition with the approval -- the bond should be get listed at the alternative trading board.

The bond is fully redeemable and will have floating coupon rate, whose lowest coupon rate would be 6 per cent.

The face value of each unit of the bond is Tk 1 crore and it would be issued to financial institutions, institutional investors, and high-net-worth individuals through private placement.

With the bond proceeds, IFAD Autos will invest in IFAD Multi Products Ltd and increase its own working capital.

EC Securities is the trustee of the bond.