IPDC, Trust Bank cleared to issue bonds
Trust Bank and IPDC Finance have recently attained the Bangladesh Securities and Exchange Commission's approval to issue bonds for raising capital.
The bank will raise Tk 500 crore issuing “TBL fully redeemable non-convertible unsecured subordinated bond IV”, each of Tk 1 crore in face value and with a seven-year tenure, through private placement.
It is said to be aimed at strengthening the bank's Tier II capital which along with Tier I capital makes up a bank's required reserves.
The IPDC will raise Tk 100 crore issuing “fully redeemable subordinated bond”, each of Tk 1 crore in face value and with a five-year tenure, through private placement, excluding existing shareholders.