300 crore bond approval from Delta BRAC Housing

Staff Reporter: Delta BRAC Housing Limited (DBH) has received approval for a bond issue of Rs 300 crore. The house will raise money by releasing discounted bonds. The approval was given at the 697th meeting of the Bangladesh Securities and Exchange Commission (BSEC) held on Tuesday, October 19.

According to BSEC, the company will issue bonds at a maximum discount of 6 percent. The actual issue size of the bond will be 263 crore 24 lakh rupees.

The bonds will be allotted through private placement in favor of financial institutions, mutual funds, insurance companies, listed banks, cooperative banks, regional banks, organizations, trust funds and other eligible investors including autonomous institutions or corporations.

Lots of bonds at face value will be Rs 40 lakh. And the issue price will be (after discount) 35 lakh 9 thousand 648 rupees.

Note that the money raised through this bond issue will be used by the institution to provide home loans to its customers. Lankabangla Finance will reinvest or lend in the corporate, retail and SME sectors.

The trustee of the bond will be IDLC Investments Limited and the arranger will be UCB Investments Limited.

Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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