Sri Lanka Sampath Bank’s Rs7.5Bn Basel III debt issue oversubscribed

ECONOMYNEXT – Sri Lanka’s Sampath Bank says its 7.5 billion rupee debenture issue to raise Basel III compliant capital was oversubscribed on Thursday.

The private bank is yet to announce the basis of allotment only saying that it received applications exceeding the value of the offer on the openning day of the debenture issue.

Sampath Bank issued 50 million listed, rated, unsecured, subordinated redeemable five year debentures with a non-viability conversion at 100 rupees each to raise 5 billion rupees in Tier-2 capital.

It exercised an option to issue an additional 25 million debentures upon oversubscription to raise a further 2.5 billion rupees.

Sampath Bank shares closed at 302 rupees on Thursday. (COLOMBO, March 16, 2018)

 

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