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Private Issue

Dec 04, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) has raised one billion rupees through a 5-year private placement, an official said.

The unsecured subordinated redeemable debenture would boost its tier two capital adequacy ratio.

The bank issued 100 million debentures with a face value of 100 rupees paying 21 percent a year.

"The private placement was successful. The whole issue has been taken up especially when government securities are also being issued at attractive levels," says chief executive Zulfikar Zavahir.

Currently risk free three-year government securities are trading at 20.25 percent.

The private placement has been taken up by 11 corporate funds and one individual investor, he said.