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NDB to raise Rs.7.5bn via debentures
National Development Bank PLC (NDB) said a resolution was passed by its board of directors to raise Rs.7.5 billion by way of a debenture issue, subject to regulatory approvals.
Accordingly, the board has decided to issue listed rated unsecured senior redeemable debentures for Rs.5 billion with an option to go up to Rs.7.5 billion.
According to NDB Bank Managing Director/CEO, Rajendra Theagarajah the funds are raised to expand the bank’s asset base.NDB expanded its loan book by 28 percent in 2014 to Rs.175.2 billion when i ndustry private credit was lagging behind at 7.5 percent.“We want to continue with this kind of growth. We can’t do that with 3 to 6 months deposits,” Theagarajah remarked.NDB raised Rs.10 billion through a debenture issue in December 2013.
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