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Monday, 5 September 2016 00:01 - - {{hitsCtrl.values.hits}}
Siyapatha Finance PLC (CSE: SLFL), the largest fully owned subsidiary of the Sampath Bank Group announced, its plan to issue a rated unsecured senior redeemable debenture worth Rs. 2 billion.
The issue opens for subscription on 08th September 2016 with 20 million debentures at the value of Rs. 100 each. Siyapatha Finance has kept its options open in order to issue an additional five million debentures to raise further Rs. 500 million in the event of an oversubscription.
The issue will offer two types of debentures; Type A will be issued for a tenure of 36 months with a fixed rate of 13% per annum paid annually and Type B will be issued for a tenure of 60 months with a fixed rate of 13.5% per annum paid annually. Further enhancing the investors’ return are the tax concessions applicable to listed debentures.
The main objective of the issuance is to raise funds for Siyapatha Finance to strengthen its lending portfolio with product diversification to suite the market demand.
Siyapatha Finance PLC has been rated with “A- (lka)” with a negative outlook by Fitch Ratings and is a licensed finance company registered under the Finance Business Act No. 42 of 2011 and a company registered under the Finance Leasing Act No. 56 of 2000. Also a Public Limited Company registered under the Companies Act No. 17 of 1982 and re-registered under the Companies Act No. 7 of 2007.
Siyapatha Finance PLC is one of the most prominent financial companies with a network of branches throughout the country, including the North-East, which has designed financial services of Leasing, Hire Purchase, Business Loans, Personal Loans, Revolving Loans, Mortgage Loans, Housing Loans, Gold Loan, Factoring and Fixed Deposits to ensure that their customers are provided with the best in service delivery standards. Over the past 11 years, the company has contributed vastly to the development of small and medium entrepreneurial efforts and strived to fulfil individual financial needs across the island. Their dedication to continuously expanding their financial services is fuelled by the drive to help communities achieve their business objectives.
In December 2014, Siyapatha Finance PLC issued a debenture worth Rs. 1 billion that was successfully oversubscribed within a day.
NDB Investment Bank Limited acts as Financial Advisors and the Placement Agent to the issue and would handle queries regarding the debenture. The Prospectus and Application Form can be downloaded from www.siyapatha.lk | www.ndbib.com | www.cse.lk
