LOLC goes for first-ever listed debenture issue to raise Rs. 5 billion

Tuesday, 28 October 2014 02:09 -     - {{hitsCtrl.values.hits}}

Lanka Orix Leasing Company Plc (LOLC) has announced a listed debenture issue to raise Rs. 5 billion. The company said it will issue 50 million senior unsecured redeemable rated debentures at Rs. 100 each. The Colombo Stock Exchange has approved in principle an application for the listing of the debentures. Debentures will be up for subscription from 7 November whilst the official opening is 18 November. First Capital Ltd. is the manager to the issue. The funds raised through the debentures will be utilised for the retirement of short-term debt of LOLC. This is the first-ever listed debenture issue of LOLC. In 2011 it listed 7.5 million four (6.1 million) and five year (1.4 million) debentures of Rs. 100 each via an introduction. These debentures mature in 2015 and 2016 respectively. The four-year debenture carried a coupon interest rate of 11.70% per annum and the five-year instrument carried 11.90% per annum. Allotments were made to qualified investors by way of a private placement. As at 30 June 2014, LOLC at company level had Rs. 15.3 billion in interest bearing borrowings down from Rs. 21 billion from a year earlier but higher in comparison to Rs. 13.8 billion as at end FY14. Assets amounted to Rs. 50 billion as at June 2014 and liabilities were Rs. 16 billion. LOLC Group pre-tax profit in the June quarter was Rs. 1.35 billion, up by 45%, whilst after tax profit grew by a similar percentage to Rs. 1 billion. Profit attributable to equity holders of the company was Rs. 926 million, up from Rs. 152 million in the first quarter of FY14. (SAA)

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.