ComBank goes for Rs. 10 b debenture issue

Commercial Bank has announced plans to raise Rs. 10 billion via a listed debenture issue. 

The Bank’s Board has resolved to issue 50 million listed, unsecured rated, redeemable, subordinated Basel III compliant debentures of Rs. 100 each with a non-viability conversion feature with an option to issue a further 50 million said debentures in the event of an oversubscription of the original amount.  Tenors will be minimum of five years and a maximum of seven years. The issue is subject to regulatory and shareholder approval.