BOC goes for Rs. 6 b listed debenture issue

Tuesday, 30 October 2012 00:26 - - {{hitsCtrl.values.hits}}

Bank of Ceylon (BOC) is planning to raise Rs. 6 billion via a listed debenture issue.

It will offer 30 million unsecured, subordinated, redeemable five-year debentures at Rs. 100 each with an option to issue an equal amount at the same price in the event of the initial offer being oversubscribed. The issue will officially open on 12 November whilst subscription is on from 5 November.

Analysts have welcomed BOC’s move saying it augurs well for the development of the listed corporate debt market in the country.

BOC last had a listed debenture issue in December 2011 worth Rs. 4 billion (40 million at Rs. 100 each) with an option to raise a further Rs. 1 billion. At present it has three different five-year debentures listed and trading on the CSE which are maturing in 2013, 2015 and 2016.

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