EBL to issue Tk 500cr bond to strengthen capital base

The board of directors of Eastern Bank (EBL) has decided to issue a non-convertible subordinated bond worth Tk 500 crore, said the bank in a disclosure on Wednesday.

EBL is issuing the bond for strengthening its capital base, subject to the approval of Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC).

The name of the bond will be '3rd Subordinated Bond of EBL' and its characteristics are non-convertible, non-listed, and redeemable. The tenure of the bond will be 7 years.

The bank’s paid-up capital is nearly Tk 954 crore and authorised capital Tk 1,200 crore.

Each share of the bank, which was listed on the Dhaka Stock Exchange in 1993, is being traded at Tk 38.50 till filing the report at 11-50am.