The Bangladesh Securities and Exchange Commission (BSEC) has approved One Bank PLC’s plan to raise Tk400 crore through an unsecured subordinated bond to strengthen its Tier-II capital base under Basel III requirements.
The approval was given at BSEC’s 1,031st commission meeting held on Tuesday, chaired by BSEC Chairman Masud Khan.
The sixth issue of One Bank’s subordinated bond will be unsecured, non-convertible, fully redeemable and floating rate, with a coupon rate of reference rate plus 3 per cent.
The bond will be issued through private placement to institutional investors and high net worth individuals. Each unit will have a face value of Tk1 lakh.
Green Delta Capital Limited will act as the trustee, while UCB Investment Limited will serve as the issue manager.
The bond will also have to be listed on the main board of the stock exchange.
