Mercantile Bank seeks to issue Tk 5b bonds
The board of directors of Mercantile Bank, which is listed on the stock exchange, has expressed their desire to issue coupon bearing bonds worth Tk5 billion.
The bond will be released with the approval of the regulator, the Dhaka Stock Exchange (DSE) said on Sunday.
The name of this coupon bearing bond will be 'Mercantile Bank Third Sub-Coordinated Bond'. This bond will be released as part of fulfilling the Tier-2 conditions of Basel-3.
Based on information provided by the bank's authorities, the DSE said the bond would be released through a private placement. However, the nature of the bond will not be disclosed.
The bank will be able to issue the bonds after getting the approval of Bangladesh Bank, the regulator of the banking sector, and Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market.