IFIC Bank to issue perpetual bond to raise Tk 1,000 crore

IFIC Bank has decided to raise Tk 1,000 crore by issuing perpetual bond to maintain the bank's capital complying with the BASEL-III norms.

Of the fund, Tk 9,00 crore would be raised through private placement and Tk 100 crore through public offer.

A perpetual bond is a fixed income security with no maturity date. The issuer pays interest to investors in the form of coupon payments.

The bond will be issued after taking approval from related regulators.

To take approval from stock investors of the lender, it will hold an extraordinary general meeting on August 26.

In the private placement, eligible investors are allowed to buy the bonds.