Sampath Bank to raise Rs. 6Bn in listed debentures

Sri Lanka’s Sampath Bank plans to raise as much as 6 billion rupees from a sale of Basel III compliant debentures which will be quoted on the Colombo Stock Exchange.

The bank said in a stock exchange filing that they intend to sell 50 million Tier 2, listed, unsecured, subordinated debentures at 100 rupees each with an option to issue a further 10 million debentures in the event of an oversubscription of the initial issue.

These debentures are redeemable 07-year debentures (2021/2028) with a non-viability conversion at a pre-specified trigger point.