ComBank raises Rs. 12 bn as debentures
View(s):The Commercial Bank of Ceylon has raised Rs 12 billion in capital with its Debenture issue closing after over subscription on its opening day, Tuesday December 12.
The bank offered 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.
The bank said in a media release that the issue is intended to 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.
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