Eastern Bank Limited (EBL) has raised Tk 1,224 million (Tk 122.4 crore) through the issuance of zero-coupon bonds for Thengamara Mohila Sabuj Sangha (TMSS), a microfinance institution in Bangladesh. 

The EBL acted as the lead arranger while MTB Capital Ltd played a role as the trustee of the deal, said a press release.

The proceeds of the bond will primarily be utilised for the disbursement of lending products "Jagoron" and "Agroshor" targeting to improve the socio-economic welfare of the rural women in the country.

A deal-closing ceremony was held at the bank's head office in Dhaka yesterday.

Md Fashiullah, executive vice-chairman of Microcredit Regulatory Authority, Shaikh Shamsuddin Ahmed, commissioner of the Bangladesh Securities and Exchange Commission, Sheikh Mahbubur Rahman, director, Prof Hosne-Ara Begum, founder and executive director of the TMSS, Ali Reza Iftekhar, managing director of the EBL, Ahmed Shaheen, additional managing director, Riad Mahmud Chowdhury, deputy managing director, Md Moniruzzaman, managing director of IDLC Investments, and Fakaruddin Ali Ahmed, chief executive officer (current charge) of MTB Capital, were present.