DFCC to raise Rs. 7 b via bond issue

Friday, 1 October 2021 00:00 - - {{hitsCtrl.values.hits}}

DFCC Bank PLC has decided to raise Rs. 7 billion via a listed bond issue.

Its Board has resolved to issue up to 7 million Basel III Compliant, Additional Tier 1, Rated, Listed, Unsecured, Subordinated, Perpetual, Callable, Convertible Bond with a non-viability full conversion and convertible into listed Ordinary Voting Shares of the bank at the option of the bond holders, each at an issue price (par value) of Rs. 1,000.

The move is subject to obtaining all necessary regulatory, shareholder and other approvals and also CSE finalising the regulatory framework applicable to perpetual debentures.

“The coupon interest rates to be decided closer to the finalisation of the Trust Deed based on the market rates prevailing at that point in time,” DFCC said.