IFAD Autos’ Tk 300cr bond gets go-ahead

Business Report :
The Bangladesh Securities and Exchange Commission (BSEC) yesterday approved the non-convertible bond of IFAD Autos worth Tk 300 crore.
However, the BSEC has attached a condition with the approval — the bond should be get listed at the alternative trading board.
The bond is fully redeemable and will have floating coupon rate, whose lowest coupon rate would be 6 per cent.
The face value of each unit of the bond is Tk 1 crore and it would be issued to financial institutions, institutional investors, and high-net-worth individuals through private placement.
With the bond proceeds, IFAD Autos will invest in IFAD Multi Products Ltd and increase its own working capital.