The Hatton National Bank (HNB) has announced that it has decided to increase the number of debentures to be issued to 50 million, Basel III compliant, tier II, listed, rated, unsecured, subordinated, and redeemable debentures with a non-viability conversion feature, amounting to Rs. 5 billion, with the option issue a further 20 million debentures (Rs. 2 billion) in the event of an oversubscription in the first tranche, and with a further option to issue 30 million debentures (Rs. 3 billion) at an issue price of Rs.100 per debenture.
Earlier the debenture issue was to be worth Rs. 7 billion.
The tenure of the debentures will be five and seven years and would be subject to market conditions and obtaining all necessary regulatory and shareholder approval.