Mar 05, 2014 (LBO) – Sri Lanka’s First Capital Holdings Plc said it had raised 500 million rupees from a debt issue which was oversubscribed on the opening day. The company offered 5 million senior, unsecured, redeemable debentures of 100 rupees each.
“We are greatly encouraged by the investor confidence implicit in the extremely positive response to our debenture issue,â€ said DilshanWirasekara, Deputy CEO of First Capital Holdings said in a statement.
“The success of this issue will provide a good platform for the company to build on its strong performance in the current financial year, in 2014-15.”
First Capital offered 3-year debentures paying 13.50 percent a year, 4-years paying 13.75 percent and 5-years paying 14 percent.
The offer closed on March 04. The funds will be used to retire existing short-term debt.
They were rated ‘BBB+’ by RAM Ratings Lanka.