Sri Lanka’s Ceylon Electricity Board to raise Rs20bn from listed bonds
ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board has been cleared to sell up to 20 billion rupees of publicly trade 5-year bonds, the Colombo Stock Exchange said.
“We welcome other state institutions to strongly consider the Sri Lankan stock market as a vehicle to finance growth and development,” Colombo Stock Exchange CEO Rajeeva Bandaranaike said in a statement.
“This once again demonstrates the confidence placed in the Sri Lankan stock market by both private and state institutions as an effective and efficient source of capital raising.”
The bond will pay a 9.35 percent fixed coupon.
The CSE said it had given the go ahead for the CEB to sell 100 million, 100 rupee bonds and a another tranche of 100 million bonds if the first is oversubscribed.
The bonds will carry an ‘AA-(lka)’ domestic rating by Fitch.
Sri Lanka’s Bank of Ceylon has previously raised money through listed bonds. (Colombo/Apr01/2021)