NTB’s Rs. 3 b debentures snapped up

Friday, 13 December 2013 00:01 - - {{hitsCtrl.values.hits}}

Nations Trust Bank (NTB) announced yesterday that its issue of 20 million listed, rated unsecured, subordinated, redeemable debentures at an issue price of Rs.100 each, with an option to issue a further equal amount in the event of oversubscription of the original figure, was oversubscribed with applications exceeding Rs. 3 billion. The issue was closed yesterday, which was the official opening day. Fitch assigned ‘A-’ for the five-year debenture with semi-annual coupon payments fixed at 13% a year. NTB expects to use the proceeds to refinance maturing debt, fund its projected growth and strengthen the bank’s regulatory Tier 2 capital base.