BRAC Bank PLC has received approval to raise Tk1,000 crore through a three-year green bond aimed at financing low-cost green projects for eligible customers.
The Bangladesh Securities and Exchange Commission (BSEC) approved the unsecured, non-convertible, fully redeemable zero-coupon green bond at its 1,031st commission meeting held on Tuesday.
The bond will be issued through private placement to corporate entities, provident funds, gratuity funds, high net worth individuals and other eligible investors.
Each unit of the bond will have a face value of Tk10 lakh, with a proposed discount rate of 8.5 per cent.
Prime Bank Investment PLC will act as trustee, while IDLC Investments Limited will serve as the issue manager.
The bond will also have to be listed on the main board of the stock exchange.
The proceeds will be used to provide low-cost green financing to qualified customers of BRAC Bank.
