Abans raises Rs. 300 m via debentures

Saturday, 21 December 2024 01:11 - - {{hitsCtrl.values.hits}}

Abans PLC has successfully raised Rs. 300 million via a listed debenture issue recently.

The issue involved 3 million listed, rated, unsecured, senior redeemable debentures of Rs. 100 each.

The issue closed receiving 65 applications requesting for debentures worth Rs. 390.56 million.

Given the oversubscription, investors who have applied up to and inclusive of 10,000 debentures will get 100% of their application and those who applied for 10,000 debentures and above will get 10,000 debentures plus 72.92% of any balance unallotted application amount rounded to the nearest 100 debentures.

The five year debentures carry a fixed interest rate of 13% per annum.

The company previously planned to issue 10 million debentures with an option to issue a further equal amount thereby aiming to raise Rs. 2 billion. However subsequently considering the prevailing interest rate regime, it later revised the amount to Rs. 300 million.

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