Nawaloka Hospitals PLC’s Rs. 1.5 billion rated, unsecured, redeemable debenture issue was oversubscribed yesterday.

 An initial 10 million debentures were issued, each at a face value of Rs. 100 with directors maintaining an option to issue a further 5,000,000 debentures in the event of an oversubscription of the initial issue.

 The company stated that the basis of allotment would be notified to the Colombo Stock Exchange (CSE) in the coming weeks.

 RAM Ratings assigned an A Rating to the debenture issue, having reaffirmed Nawaloka’s long- and short-term corporate credit ratings at A and P2 respectively, with a stable outlook.

 With a 415-bed capacity, Nawaloka is the largest private hospital in Sri Lanka in terms of bed-count at a single location. Plans are also underway to construct two new mini-hospitals outside Colombo, expanding bed capacity and geographical presence.