A convertible coupon bond for Tk 200 crore from Standard Bank Limited will hit market soon.Such bond is 50 percent convertible.

The 27th extra-ordinary general meeting of Standard Bank Ltd , which was held at the Institute of Diploma Engineers of Bangladesh on Monday, unanimously approved the issuance of the bond, according to a press release.

Chairman of the board of directors Kazi Akramuddin Ahmed presided over the meeting. The meeting also endorsed enhancement of the authorised capital from 880 crore to 1,500 crore and converting the bank's share face value from Tk 100 to Tk l0. 

The meeting was attended by directors Kamal Mostafa Chowdhury, Muhammad Nurul Islam, Ashok Kumar Saha, Ferozur Rahman, Mohammed Abdul Aziz, Mohammad Shamsul Alam, Abdul Ahad, Shaikh Mesbah Uddin and Sahazada Syed Nizamuddin Ahmed. Managing director SA Farooqui, deputy managing director Md Alauddin AI-Azad, assistant managing director Md Nazmus Salehin, and board secretary AFM Nizamul Islam Chowdhury were also present.

Source: The Independent/ Bangladesh/ 17th Nov 2011