Commercial Credit Rs. 500 m debenture through

Commercial Credit & Finance (COCR) said yesterday its Rs. 500 million worth issue of five million unsecured subordinated redeemable five year debentures at Rs. 100 each was oversubscribed.

The issue opened on 23 January and reached its full subscription point yesterday, which incidentally was also the closing date.

Debentures offered 20% interest payable on a quarterly basis. These debentures will yield an annual effective rate of 21.55%.

The issue comprised of first tranche of Rs. 250 million and a further equal amount in the event of an oversubscription of the former value.