The Rs.250 million second tranche of Commercial Credit and Finance PLC’s debenture issue was oversubscribed, the company informed the Colombo Stock Exchange yesterday.

The oversubscription of the first Rs.250 million tranche of the issue was announced on February 7 and the company said that it was going for the second tranche of another Rs.250 million and hence, the issue would be kept open till February 13.

The debentures will yield an annual effective rate of 21.55 percent. With the recent amendments to the taxation regulations, interest income on these debentures will be exempted from income tax.

These five-year unsecured, subordinated, redeemable debentures will be listed on the second board of the Colombo Stock Exchange with 20 percent interest payable on a quarterly basis.