Another first of its kind from Bank of Ceylon
View(s):The Debentures are rated BBB+ (lka) by Fitch Ratings Lanka limited.
The Colombo Stock Exchange (CSE) has approved in principle the listing of the said debenture, which opens on December 21. The issue price per debenture is Rs. 100. The initial issue is for 50 million debentures with an option to issue a further 50 million in the case of over subscription.
The debenture issue is for a period of 5 years and comes in two types. Type A carries a fixed interest rate of 15 per cent payable annually and Type B carries a floating interest rate of 12 months T-Bill Rate + 1 per cent.
The minimum subscription per application for an individual Qualified Investor is set at Rs. 5 million, and the minimum subscription per application for other Qualified Investors is Rs. 10,000. (CSE listing rules are applicable to qualified investors only).
The Bank of Ceylon concluded the 3rd Quarter of 2023 on a positive note, demonstrating resilience in a challenging economic environment. The bank’s profits before tax (PBT) stood at Rs. 22.6 billion at the end of the 3rd Quarter of 2023.
The BOC is the only Sri Lankan Bank to be among the top 1000 banks in the world raked by the renowned International business intelligence magazine “The Banker – UK”.
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