Singer in Rs.3bn debt issue

19 May 2015 06:00 am Views - 1248

Singer Sri Lanka PLC yesterday said it was planning to raise Rs.3 billion by way of a debenture issue.

To this end, the company will issue 20 million rated unsecured redeemable senior debentures with an option to issue up to further 10 million debentures at an issue price of Rs.100 per share.

The Colombo bourse in principle has approved an application by the company to list the debt securities.

It was recently communicated to the market that Singer Sri Lanka had been offered to buy the shareholdings of the two subsidiary companies held by the parent firm Singer B.V.

Singer Sri Lanka is also a subsidiary of Singer B.V.

The subscription list of the issue will open on May 29, 2015.

The joint managers to the issue are Agora Securities (Pvt.) Ltd and NDB Investment Bank Ltd.

Singer Sri Lanka raised Rs.1.5 billion last December through a previous debenture issue.