Taprobane Wealth manages debenture issue of Senkadagala Finance
View(s):Taprobane Wealth Plus (Pvt) Ltd, the corporate finance arm of the Taprobane Holdings group, says it successfully managed the recent Senkadagala Finance’s Rs.500 million senior, listed, rated, unsecured, redeemable debenture issue, which carried an option to increase the funds raised up to Rs.1 billion.
In a media release, Taprobane Wealth Plus, specialists in corporate bond markets, said it was also instrumental in managing the Rs.6 billion listed debt fund raiser of People’s Leasing & Finance PLC, which to date is the largest listed debt issuance for this year. “The corporate finance activities of the company also extends to managing equity issues such as initial public offerings and private share placements of companies and structuring, managing and placing several types of debt issues such as mortgage backed securitisations, listed and un-listed debentures, commercial papers, promissory notes, zero coupon bonds, etc,” it said.
The initial public offering of Senkadagala Finance debentures, which formally opened for subscription on May 21was closed at 4.30 pm on the same day, due to an overwhelming investor response, which resulted in the issue being oversubscribed by more than 2.38 times with a total of 177 applications received.
The company said that as the listed debt market is developing momentum with the Government’s 2013 budget exempting income tax on interest income of corporate debt securities, the listed corporate bond market is expected to enjoy a record year with already Rs.10.5 billion worth of debentures listed, while Rs.15 billion worth of debentures are in the offing. “Capitalizing on this opportunity Taprobane Wealth Plus, intends to attract more debt issuers from varying sectors to the listed debt market of the Colombo Stock Exchange,” it said.
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