Pan Asia Banking Corporation PLC (PABC) is going for a Rs. 1.2 billion unlisted debenture issue.
The bank said its Board of Directors has resolved to issue 7.5 million BASEL III compliant Tier 2, unlisted, unsecured, subordinated, redeemable five year debentures of Rs. 100 each with a Non-Viability Conversion clause. The issue has an option to offer a further five million said debentures at the discretion of the bank in the event of an oversubscription of the initial offer.
The move is subject to regulatory and other approvals.