Bangladesh Securities and Exchange Commission (BSEC) has approved a non-convertible zero coupon bond of Delta Brac Housing worth Tk 300 crore.

The regulator took this decision at a commission meeting yesterday.

With a face value of Tk 300 crore, the bond will have an issue value of around Tk 263.24 crore, according to a press release from the BSEC.

Its discount rate is 6 per cent and would be issued among banks, mutual funds, non-banks, rural banks, eligible investors and corporations.

With the bond proceeds, the non-bank financial institution would lend to the housing sector. The face value of each lot of the bond is Tk 40 lakh. IDLC Investments is its trustee and UCB Investments is its arranger.