Friday Dec 13, 2024
Friday Dec 13, 2024
Tuesday, 25 October 2022 00:49 - - {{hitsCtrl.values.hits}}
Sampath Bank has announced plans to raise Rs. 10 billion via Basell III compliant debenture issue.
Its Board of Directors has resolved to issue up to 50,000,000 Basel III compliant – Tier 2, listed, Rated Unsecured, Subordinated, Redeemable, five-year debentures with a Non-Viability Conversion, of the par value of Rs. 100 each to raise Rs. 5 billion with an option to issue up to a further 20,000,000 of said debentures to increase the said sum by up to a further Rs. 2 billion at the discretion of the Bank in the event of an oversubscription of the initial issue and with a further option to issue up to a further 30,000,000 of said debentures to increase the said sum by up to a further Rs. 3 billion at the discretion of the Bank in the event of an oversubscription of the initial issue and the second tranche.
The issue is subject to obtaining all necessary regulatory and shareholder approvals and provided other conditions are acceptable to the Bank.
Sampath Bank last had a Basel III compliant debenture in April 2021 raising Rs. 6.3 billion. The seven-year instrument offered a fixed rate of 9% per annum payable annually.
