STAR BUSINESS REPORT

The Bangladesh Securities and Exchange Commission (BSEC) yesterday 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.