Premier Bank Ltd has received permission from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk 600 crore by issuing bonds.

The regulator has approved the bank's plan aimed at raising its Tier 2 capital by Tk 600 crore for seven years, said the private commercial bank in a filing on the Dhaka Stock Exchange today.

The face value of the fully redeemable, non-convertible, unsecured, floating rate and Basel III-compliant subordinated bond will be Tk 60 lakh. It will be raised through private placement.

The purpose of mobilising the fund is to have regulatory capital support of the bank under the Tier 2 category of BASEL III.