Monday, 2 December 2013 00:00
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Nations Trust Bank PLC intends to raise a sum of Rs. 2 billion via a listed, rated, unsecured, subordinated, redeemable debenture issue with a tenor of five years with an option of issuing up to a further Rs. 1 billion in the event of an oversubscription.
Accordingly, the bank will issue 20 million debentures, with the ability to extend to a further 10 million debentures in the event of an oversubscription at a par value of Rs. 100 each and will be listed on the Colombo Stock Exchange by way of an offer for subscription.
The funds thus raised are intended to finance the growth momentum of the bank in the future and will enable the bank to maintain a healthy capital adequacy ratio.
Currently the bank is in the process of obtaining the relevant regulatory approvals. The Managers to the offer will be Waldock Mackenzie Ltd., which is a fully-owned subsidiary of Nations Trust Bank PLC and is the investment banking arm of the group.
