ComBank’s Rs.6 bn Debenture Issue to open on Dec 12
View(s):The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon’s Rs.6 billion Debenture Issue which will open on December 12.
The bank has announced an initial issue of 60 million Basel III Compliant – Tier 2 Listed Rated Unsecured Subordinated Redeemable Debentures with a Non-Viability Conversion feature, at the par value of Rs.100 each, to raise Rs.6 billion, with an option to issue up to another 60 million Debentures to raise an additional Rs.6 billion at the discretion of the bank in the event of an oversubscription of the initial issue, it said in a media release.
The bank said the issue will further strengthen its Tier II capital base, raise funds for the expansion of its lending portfolio, and bridge maturity mismatches in the assets and liabilities portfolio of the bank.
The Debentures will be offered in three tenures – Types A and B with a five-year tenure, Types C and D with a seven-year tenure, and Types E and F with a 10-year tenure.
For the nine months ending September 2023 the Commercial Bank Group reported gross income of Rs.255.963 billion, total operating income of Rs.86.45 billion, profit before tax of Rs.25.031 billion and profit after tax of Rs.14.764 billion, with total assets reaching Rs.2.526 trillion, loans and advances totalling Rs.1.239 trillion and total deposits exceeding Rs.2.038 trillion as at 30th September 2023.
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