Hayleys debentures snapped up on opening day

Diversified conglomerate Hayleys PLC yesterday said its Rs.3 billion debenture issue, which had an option to raise a further Rs.1 billion, was oversubscribed on the opening day.

Hayleys last week announced plans to raise Rs.4 billion via a listed debenture issue. 

Hayleys said it would offer 30 million listed, rated, unsecured, senior, redeemable five-year debentures of Rs. 100 each with an option to issue a further 10 million debentures at the discretion of the company in the event of an oversubscription of the original amount.

“We wish to inform that we have received applications for over Rs.3 billion for the above debenture issue by Hayleys PLC, and accordingly the initial issue of the debentures 2018 has been closed,” the Registrars to the issue said yesterday in a stock exchange filing.

“Therefore, the issue closes at 4.30 p.m. on July 25, 2)18 as per the prospectus, where upon the initial issue of 30 million of the said debentures being subscribed, and with the option to issue up to a further 10 million of the said debentures to accommodate any applications that may be received after the announcement of the oversubscription of the issue,” the stock exchange filing noted.