Tradings of MBL 1st MF, BRAC Bank bond make debut Feb 8Tradings of MBL 1st Mutual Fund and Subordinated 25 per cent Convertible Bonds of BRAC Bank Limited will begin on the Dhaka Stock Exchange (DSE) February 8. According to a board meeting decision of DSE, trading of the units of MBL 1st Mutual Fund sponsored by Mercantile Bank Ltd will start under 'A' category. DSE Trading Code for MBL 1st Mutual Fund is "MBL1STMF" and DSE company code is 12184. On the other hand, BRAC Bank bonds will be traded under 'N' category. DSE Trading Code for Subordinated 25 per cent Convertible Bonds of BRAC Bank Ltd is "BRACSCBOND" and DSE company code is 26003.

The subscription of MBL MF opened on December 12, 2010 and closed December 19, 2010. The face value is Tk. 10.00 per unit with market lot of 500 Units. The Sponsor's Portion was 10,000,000 units, Pre IPO Placement Portion 40,000,000 units and Public Offer 50,000,000 units. The size of the MBL Fund was 100,000,000 units while the size of the fund was Tk. 1,000,000,000.00. LR Global Bangladesh Asset Management was the issue manager. On the other hand, the opening date for subscription of BRAC Bank bonds was December 5, 2010 while closed on December 9, 2010. BRAC Bank Limited raised the Tier II capital through repeat public offering in order to comply with the regulatory requirement of Bangladesh Bank. The proceeds of the public offering will strengthen the capital base of the bank and augment business expansion.

The Issue Manager was IDLC Finance Limited and City Bank Limited was the trustee. A total of 90 per cent of the total Issue size of the bond was offered to institutional investors including onshore and offshore investors and the remaining 10 per cent was offered to public through IPO. The Issue Size was Tk 3.0 billion. Each bond will have a Face Value of BDT 1,000 (One Thousand) with market lot of 5 (five) bonds each. MBL 1st Mutual Fund is the 32nd mutual fund listed on the DSE.

News: The Financila Express/Bangladesh/04 Feb 2011