CSE approves Rs. 4 b debt issuance by PABC

Tuesday, 8 September 2015 01:20 - - {{hitsCtrl.values.hits}}

The Colombo Stock Exchange (CSE) has approved in principle the latest move by Pan Asia Bank to raise a maximum of Rs. 4 billion via a listed debenture issue.

The bank plans to issue 20 million rated unsecured redeemable debentures at Rs. 100 each with an option to offer a further 10 million debentures and another 10 million debentures in the event of an over subscription of the original offer.

The public can subscribe to the issue from 11 September whilst its official opening is 23 September. Joint Managers to the issue are People’s Bank Investment Banking Unit and Pan Asia Bank.

In October last year, PABC raised Rs. 3 billion via rated, unsecured subordinated redeemable listed debentures at Rs. 100 each. Original offer was to raise Rs. 2 billion with option to go up to Rs. 3 billion. The demand for the 2014 debenture issue was Rs. 3.64 billion.