The Board of Directors of Commercial Bank has decided to issue 50 million listed unsecured rated redeemable subordinated Basel III compliant debentures of Rs. 100 each.
This is with a non-viability conversion feature amounting to Rs. 5 bn with an option to issue up to a further 50 million debentures amounting to 5 bn 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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