Amana Takaful to raise Rs. 300 m via private placement of Wakala debenture

Amana Takaful Plc’s Board of Directors has resolved to raise Rs. 300 million by way of issuing 66.666 million unlisted, unrated, unsecured, redeemable and convertible Wakala debentures at Rs. 4.50 each. The tenure is five years. 

Shares arising from conversion will be listed in the Colombo Stock Exchange. Conversion is after two years from the issue of debenture (2022) and conversion option is at the discretion of debenture holder. Conversion price is Rs. 4.50 per share. Converted debentures will cease to exist from the date of allotment of new ordinary shares. 

The proposed debenture issue is subject to shareholder and regulatory approval.