BOC goes for Rs. 10 b listed debenture issue

Bank of Ceylon (BOC) yesterday announced that its Board of Directors decided to raise a maximum of Rs. 10 billion via listed debt.

It will issue 50 million Basel III compliant, tier 2, listed, rated, unsecured, subordinated, redeemable 5-year debentures with non-viability write down features at an issue price of Rs.100 raising Rs. 5 billion with an option to issue up to a further Rs.50 million of said debentures at the discretion of the Bank in the event of an oversubscription of the initial issue. 

The debenture issue will be subject to necessary regulatory approvals.