International Finance Investment and Commerce (IFIC) Bank plans to issue Tk 10 billion worth of perpetual bonds to raise capital.
Of the Tk 10 billion, Tk 9 billion will be sold through private placement, while the remaining Tk 1 billion will be on public offer, the bank said in a stock exchange filing on Sunday. As these are ‘perpetual’ bonds, they do not have a fixed term.
The bond sale plan still requires the approval of Bangladesh Securities and Exchange Commission and the central bank.
Government financial institutions, mutual funds, insurance companies, listed banks, cooperative banks, regional rural banks, trusts and autonomous corporations will be able to purchase the bonds on private offer.
IFIC shares rose to Tk 11.9 on Sunday from Tk 11.8 on Thursday. IFIC Bank was listed on the stock market in 1986 and is currently traded in the ‘A’ category. In 2020, IFIC Bank made a profit of approximately Tk 1.13 billion, reports bdnews24.com.