Sri Lanka’s Commercial Bank to raise Rs15bn through listed debenture

Dec 20, 2018 (LBO) – Sri Lanka’s listed Commercial Bank plans to raise as much as 15 billion rupees from an issue of debentures which will be quoted on the Colombo Stock Exchange.

The bank said in a stock exchange filing that they seek to issue 75 million debentures at 100 rupees each with a non-viability conversion feature and with an option to issue further 75 million debentures.

The decision to issue Basel III-compliant debentures have been taken at a board meeting held on 19 December 2018, subjected to necessary approvals.

It has also been proposed that the tenures of the debentures would be minimum 5 years and maximum 10 years from the date of allotment.