People’s Leasing Rs. 3 b debentures snapped up

Tuesday, 16 September 2014 00:17 - - {{hitsCtrl.values.hits}}

People’s Leasing & Finance’s Rs. 3 billion debenture issue closed yesterday on its official opening day itself following an oversubscription. The company said it had received applications of over Rs. 3 billion, and accordingly the issue has been oversubscribed. The basis of allotment will be notified in due course. It offered 15 million senior, unsecured, redeemable, debentures of Rs. 100 each with an option to issue up to a further 15 million in the event of an oversubscription of the initial issue up to a maximum of 30 million debentures. Rated by AA- Fitch Ratings, the public issue was attractively structured giving investors the opportunity to select between two types of debentures for receiving interest. The first was 8.75% payable annually with maturity of 36 months from the date of allotment, whereas the second was 9.625% payable annually with redemption being 48 months from the allotment date. People’s Leasing and Finance said the funds raised will be used for working capital purposes. The issue was managed by People’s Bank Investment Banking Unit, while the Registrar for the issue is SSP Corporate Services. (SAA)

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