Sampath Bank’s Rs. 10 billion debenture issue oversubscribed
Summary
Sampath Bank PLC’s debenture issue attracted applications exceeding Rs. 10 billion, surpassing the maximum amount available under the offer. In a stock exchange disclosure, the bank said the issue would close at 4.30 p.m. on October 20 in accordance with […]
Sampath Bank PLC’s debenture issue attracted applications exceeding Rs. 10 billion, surpassing the maximum amount available under the offer.
In a stock exchange disclosure, the bank said the issue would close at 4.30 p.m. on October 20 in accordance with its prospectus. The basis of allotment will be announced to the Colombo Stock Exchange in due course.
The offer comprised an initial issue of up to 70 million debentures at Rs. 100 each to raise Rs. 7 billion, with an option to issue a further 30 million debentures to raise another Rs. 3 billion in the event of oversubscription, at the bank’s discretion.
The Basel III-compliant Tier 2 debentures carry five-year and seven-year tenures, maturing in 2031 and 2033, respectively. The listed, rated instruments are unsecured, subordinated and redeemable, and include a non-viability conversion feature
Source: Daily Mirror