Sri Lanka’s Commercial Bank debt issue raises Rs10bn fresh Basel III capital
ECONOMYNEXT – Sri Lanka’s listed Commercial Bank successfully raised 10 billion rupees in fresh capital on Monday to be compliant with Basel III rules, the bank said.
Commercial Bank had offered 50 million listed rated unsecured subordinated redeemable debentures at 100 rupees each to raise 5 billion rupees to raise Basel III capital.
It exercised an option to double the issue upon oversubscription and raised a further 5 billion rupees.
The bank said it received applications for over 100 thousand debentures and closed the offer on Monday.
The basis of allotment will be notified later, the bank said in a Colombo Stock Exchange filing. (COLOMBO, 16 July 2018)