Thursday, December 20, 2018

Combank to raise Rs 7.5 bn via debenture issue

Commercial Bank of Ceylon plans to raise Rs 7.5 billion via a debenture issue.

The Commercial bank said it would make an initial issue of 75 million unsecured rated redeemable subordinated Basel III compliant debentures with a non-viability conversion at a par value of Rs 100 with an option to issue up to a further 75 million debentures in the event of an oversubscription, with a minimum tenure of 5 years and a maximum tenure of 10 years, subject however to obtaining all necessary regulatory approvals, shareholder approval and upon other conditions acceptable to the Bank.

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