NRBC Bank approved to issue Tk300cr bond
NRB Commercial Bank will strengthen its tier-two capital base with the money
The securities regulator has approved NRB Commercial (NRBC) Bank Ltd to issue a subordinated bond worth Tk300 crore.
The Bangladesh Securities and Exchange Commission (BSEC) granted the permission during a meeting at its office on Tuesday.
The bond will be listed on the alternative trading board (ATB).
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The bond will be unsecured, non-convertible, fully redeemable, and at a floating rate.
Through private placement, the bond can only be issued to local financial institutional investors, and high-net-worth individuals can buy the bond.
NRB Commercial Bank will strengthen its tier-two capital base with the money.
The face value of each unit of the bond will be Tk1 crore and it will be completely redeemable in seven years.
The investors will get money at a floating rate.
UCB Investment Limited has been named as the trustee of the bond and City Bank Capital Resources Ltd as the mandated lead arranger for the bond.
NRB Commercial Bank was listed with the Dhaka Stock Exchange in 2021.
Out of the bank's total shares, sponsors and directors jointly hold 73.32%, institutions 4.26%, and general investors 22.42%.
