Sri Lanka’s Commercial Bank to raise Rs7.5bn through debenture issue

ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said it plans to raise 7.5 billion rupees through a new debenture issue with an option to double the amount in the event of an oversubscription.

A statement said the bank will issue 75 million listed, unsecured, rated, redeemable subordinated Basel III compliant debentures at 100 rupees each with a non-viability conversion feature,making them hybrid instruments convertible into equity.
The debentures, which will have a minimum tenure of five years and maximum tenure of 10 year, are subject to shareholder and regulatory aproval.
 (Colombo/December 20/2018)

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