Tuesday Nov 26, 2024
Tuesday Nov 26, 2024
Tuesday, 26 November 2024 02:44 - - {{hitsCtrl.values.hits}}
Vallibel Finance PLC has successfully raised Rs. 3 billion via its first-ever listed debenture issue which concluded last week. The issue had drawn 92 applications seeking debentures worth Rs. 3.1 billion.
LB Finance issued 20 million listed, rated, subordinated, unsecured, redeemable debentures of Rs. 100 each with an option to issue a further 10 million debentures at the discretion of the Company in the event of an oversubscription of the initial tranche.
The debentures are of two types. Type A is a five-year tenor with fixed coupon rate of 12.95% per annum (AER 13.37%), payable semi-annually; and Type B five-year tenor, with fixed coupon rate of 13.37% (AER 13.37%), payable annually.
Type A saw 25 applications worth Rs. 112.2 million with payments made by bank drafts and cheques in addition to 6 applications worth Rs. 370 million with payments made by RTGS / SLIPS / CEFTS transfers.
Type B received 44 applications worth Rs. 678.35 million with payments made by bank drafts and cheques and 17 applications worth Rs. 1.947 billion with payments made by RTGS / SLIPS / CEFTS transfers.
As per the basis of allotment, all those who applied will get 100% of the debentures applied for. Type B, all those who applied will get 100% except for the largest applicant. Any differences arising as a result of adjustment of rounding are to be adjusted from the largest debenture holder, whose application amounts have not been fully met.
The managers to the issue was First Capital Advisory Services Ltd.
In the first six months of FY25, Vallibel Finance saw its consolidated net profit rise by 24.5% to Rs. 1.1 billion. Group net operating revenue grew by 22.7% to Rs. 4.96 billion and pre-tax profit by 23% to Rs. 1.9 billion.
