Nation Lanka raises Rs. 250 m via private debenture

Nation Lanka Finance Plc has raised Rs. 250 million via a private placement of debentures to boost its capital.

The Company said with the approval of the Central Bank and the Securities and Exchange Commission, it issued 250,000 five year unsecured, subordinated, redeemable debentures by way of a private placement at Rs. 1,000 each.

Rate of interest was 14% per annum payable quarterly.  

The funds will be utilised to strengthen the Tier 2 Capital Requirements laid down by the Central Bank.