COMBank goes for Rs. 15 b debenture

Commercial Bank of Ceylon (COMB) has announced plans to raise Rs. 15 billion via a BASEL III compliant debenture issue.

It said that the Board has decided to issue 75 million listed, unsecured, rated, redeemable, subordinated, Basel III compliant debentures of Rs. 100 each with a non-viability conversion feature amounting to Rs. 7.5 billion, with an option to issue up to a further 75 million debentures amounting Rs. 7.5 billion in the event of an oversubscription, and a minimum tenure of 5 years and a maximum of 10 years. The issue is subject to shareholder and regulatory approval.