The Colombo Stock Exchange (CSE) has approved in principle the listing of Commercial Bank of Ceylon PLC’s Rs. 10 billion Debenture Issue opening on Tuesday 2nd July 2024.
The bank has announced an initial issue of 100 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 a sum of Rs. 10 billion, with an option to issue up to a further 50 million Debentures, at the discretion of the bank in the event of an oversubscription of the initial issue, and with a further option to issue up to a further 50 million Debentures, at the discretion of the bank in the event of an oversubscription of the initial issue and the second tranche, the bank 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.
Limited to Qualified Investors, the Debentures will be offered in six types with 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, the bank said.
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 at Rs. 10,000/- or 100
Debentures.
The Debentures are rated BBB+ (lka) by Fitch Ratings Lanka Limited. The Investment Banking Division of Commercial Bank of Ceylon PLC is the Manager to the Issue.
For the three months ending 31st March 2024 the Commercial Bank Group reported gross income of Rs. 80.208 billion, total operating income of Rs. 34.947 billion, profit before tax of Rs. 16.738 billion and profit after tax of Rs. 10.808 billion, with total assets reaching Rs. 2.616 trillion, loans and advances totalling Rs. 1.316 trillion and total deposits exceeding Rs. 2.141 trillion.
You can share this post!
Content
Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred
The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.
The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.
A SriLankan airlines flight has been grounded in an airport in Indonesia due to a technical defect leaving 93 passengers stranded, an official said.
Leave Comments