EXIM Bank will issue Mudara subordinated bond worth Tk 250 crore to boost its capital base as a proposal in this regard has got approval.

The proposal was granted as a process of inclusion in Tier-II capital for a period of seven years at a prevailing provisional profit rate for 6 months through private placement, said a press release.

The bond will be issued after getting approval from the Bangladesh Securities and Exchange Commission and all other regulatory authorities and complying all formalities.

The approval came at the bank’s ninth Extra-ordinary General Meeting (EGM) held at Emmanuelle’s Banquet Hall at Gulshan in Dhaka on Sunday. Md Nazrul Islam Mazumder, Chairman of EXIM Bank, presided over the meeting, said a press release.

Abdul Mannan, MP, Vice Chairman of EXIM Bank, Md Habib Ullah Dawn, Mohammed Shahidullah, Mohammad Omar Farooque Bhuiyan, Md Nurul Amin Faruk, Lt. Col. (Retd) Serajul Islam, Khandakar Mohammed Saiful Alam, Directors, Abdullah Al Zahir Swapan, Sponsor, Dr. Mohammed Haider Ali Miah, Managing Director and CEO of EXIM Bank, and Md Golam Mahbub, Company Secretary, attended the meeting.