IPDC Finance to Issue Two Bonds Worth Tk 400 Crore: One Tier-2 Capital, One Green Zero-Coupon
The board of directors of IPDC Finance, a non-bank financial institution listed on the stock market, has decided to issue two bonds worth Tk 400 crore. The information was learned from Dhaka Stock Exchange (DSE) sources on Sunday, November 1.
The institution took the decision to issue the bonds to ensure future capital adequacy and to meet ongoing funding demand, it was said.
Of the two bonds, a Tk 200 crore non-convertible subordinated bond will be counted as Tier-2 capital. The term of this bond will be six years.
The other bond is a Tk 200 crore green zero-coupon bond, with a term set at five years. Together, the face value of the two bonds will bring the total issue size to Tk 400 crore.
However, approval will have to be taken from Bangladesh Bank, the Bangladesh Securities and Exchange Commission (BSEC) and other relevant regulators to issue the two bonds. The institution will complete the bond issue process subject to the regulators' approval.
The board meeting also decided to hold the company's 16th extraordinary general meeting (EGM). The EGM will be held virtually at 9am on December 15. The record date for it has been set for November 19.
The EGM will discuss adding a new objectives clause to IPDC Finance PLC's memorandum of association, adding a new clause to the company's articles of association, and amending the existing quorum provision in the articles. Shareholder approval will be taken on these matters.
