Singer Finance Rs. 2 b debenture issue snapped up

Monday, 21 June 2021 00:00 - - {{hitsCtrl.values.hits}}

Singer Finance PLC’s Rs. 2 billion debenture has been oversubscribed and closed on Friday, which was the official opening day.

It issued 10 million Listed, Rated, Unsecured, Subordinated Redeemable Five-Year debentures of Rs. 100 each and in the event of an oversubscription, a further 10 million debentures.

Type A debentures offered a fixed coupon rate of 9.25% p.a. (AER 9.25%), payable annually and Type B debentures at a floating interest rate of one-year T-bill rate + 3.75% p.a., payable annually.

The main objective of the debenture issue is to expand and strengthen the capital base of the company and to maintain the capital adequacy requirements as stipulated by the Central Bank.

NDB Investment Bank Ltd. and Capital Alliance Partners Ltd. were the joint managers and placement agents to the issue.