Sunday Dec 15, 2024
Sunday Dec 15, 2024
Tuesday, 24 January 2023 02:07 - - {{hitsCtrl.values.hits}}
Sampath Bank has announced a move to raise a maximum of Rs. 10 billion via the issuance of BASEL III compliant debenture issue.
It said the Colombo Stock Exchange has approved in principle an application for an initial issue of 50 million BASEL III compliant Tier 2, listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at Rs. 100 each with an option to issue up to a further 20 million debentures at the discretion of the bank and in the event of an oversubscription of the initial issue and a further option to issue an additional 30 million debentures.
The proposed debenture comprises two types. Type A is a five-year tenor with a fixed coupon rate of 28% per annum payable annually and Type B is a five-year tenor with a floating coupon rate of one-year Treasury Bill rate plus 1.5% subject to a floor of 20% per annum and a cap of 31% per annum payable annually.
The official opening of the issue is 31 January but can be subscribed from today.
