Home Finance National Housing gets BSEC nod for Tk 374cr bond

National Housing gets BSEC nod for Tk 374cr bond

by fstcap

The Bangladesh Securities and Exchange Commission (BSEC) today gave the go-ahead to the National Housing Finance and Investment Ltd (NHFIL) to raise Tk 374 crore by issuing bonds to provide loans for homes, the regulator said.

The zero-coupon bond, which investors can buy at a deep discount on face value, cannot be converted into shares but can be redeemed or paid off by the issuer prior to the bonds’ maturity.

The discount rate of the bond is 9 percent, and it will be issued to institutional investors and wealthy persons, the BSEC said in a press release after approving the bond at its meeting.

The face value of the bond is Tk 100,000.

IDLC Investment Limited is the trustee of the bond while BRAC EPL Investment Ltd is acting as the arranger.

The bond will be listed on the Alternative Trading Board of the Dhaka Stock Exchange, said the BSEC.

The commission also removed the bar on Asiatic Laboratories Ltd, which sought to raise Tk 95 crore capital from general investors through an initial public offering.

The BSEC slapped restrictions on subscription by investors in the company in January this year following allegations that the company had over-valued asset prices.

The commission later slapped a Tk 2 crore 75 lakh fine on five directors of the company after finding proof of the allegation.

BSEC Spokesperson Mohammad Rezaul Karim said the regulator removed the restriction after Asiatic Laboratories Ltd corrected the information in its prospectus.

source: thedailystar.net


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