Abans Financial to raise Rs. 1 b via listed debenture

Abans Financial Services Ltd. (AFSL) is to raise a maximum of Rs. 1 billion and a minimum of Rs. 500 million via the issuance of a listed unsecured debenture.

A decision to this effect was made by AFSL Board at its meeting last week.

The unsecured debentures will be issued at a value of Rs. 100 each in six different classes of instruments, varying tenure (three to five years) and rates of interests )ranging from 11.39% to 13%), payable monthly or yearly.

In the event all classes of instruments are oversubscribed to the full, AFSL may increase the maximum issue up to Rs. 1 billion.

The move is subject to shareholder and regulatory approval.