Dhaka, March 30 -- City Sugar Industries, a unit of Bangladesh's top business conglomerate City Group, has received approval to raise Tk 13 billion from the market through a bond to repay debt and invest in the sugar sector.

The Bangladesh Securities and Exchange Commission (BSEC) confirmed the approval following a meeting on Monday.

* The bond will be 100 percent collateralised, non-convertible, and fully redeemable as a zero-coupon issue.

* It will be listed on the Alternative Trading Board of the capital market.

* Discount rate: 13.5 percent

* Face value per unit: Tk 1.3 million per unit

Eligible investors include corporate entities, high-net-worth individuals, local banks, financial institutions, and insurance companies through ...