Nawaloka Hospitals Rs. 1.5 b debenture snapped up

Wednesday, 25 September 2013 00:47 - - {{hitsCtrl.values.hits}}

Nawaloka Hospitals Plc’s Rs. 1.5 billion debenture issue was oversubscribed yesterday. The Company issued 10 million rated unsecured redeemable debentures at Rs. 100 each with an option to issue a further five million in the event of the oversubscription of the original amount. Investors had a choice of investment opportunities. The Issue had six types of debentures with varying interest rates ranging from 14.15% and 14.45% per annum payable quarterly. Their effective rate per annum ranged from 14.92% and 15.25%. Tenure was between five and 10 years. The debentures were rated A by RAM Ratings Lanka Ltd. Financial advisors and managers to the issue was NDB Investment Bank. Funds raised via debenture issue will be used for a Rs. 1.4 billion project to construct a multi storied building with car park facilities, channelling, OPD facilities and indoor admission facilities adjoining the existing hospital at Colombo 2.