FE Report
The securities regulator Tuesday approved the prospectus of Vanguard AML Rupali Bank Balanced Fund, a closed-end mutual fund (MF), and Tk 5.0 billion non-convertible subordinated bond to be issued by Southeast Bank, officials said.
The approvals came to a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
At Tuesday's meeting, the securities regulator also approved the proposal of opening the Financial Literacy Department at the BSEC.
Of Tk 2.0 billion, Tk 650 million has already been collected through pre-IPO (initial public offering) placement.
The sponsors will contribute Tk 400 million, whereas remaining Tk 950 million will come from the public.
The offer price of the units of Vanguard AML Rupali Bank Balanced Fund is of Tk 10 each.
The Vanguard Asset Management is the fund manager of the fund, whereas Investment Corporation of Bangladesh (ICB) and Rupali Bank will work as trustee and custodian and sponsor of the fund respectively.
The tenure of the Tk 5.0 billion non-convertible bond, which will be issued by Southeast Bank, will be seven years.
The characteristics of the bond will be non-convertible, unlisted, fully redeemable, floating rated and subordinated.
The Southeast Bank will fulfill the requirement of Basel-II by raising fund through the bond.
Only the local financial institutions, corporate bodies and any other eligible investors will be allowed to purchase the units of Tk 1.0 million each.
At Tuesday's meeting, the securities regulator imposed a penalty of Tk 1.0 million on Sinha Securities for breaching securities rules.
The BSEC also approved the draft amendment brought to the Bangladesh Securities and Exchange Commission (Market Maker) Rules, 2016.
The regulator will seek public opinion on the draft amendment.
The Bangladesh Securities and Exchange Commission (Qualified Investor Offer by Small Capital Companies) Rules, 2016 got final approval at Tuesday's meeting.
mufazzal.fe@gmail.com
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