ComBank to raise up to Rs.10bn via debentures

Commercial Bank of Ceylon PLC yesterday disclosed the plans to raise up to Rs.10 billion via a listed debenture issue.

Accordingly, the bank plans to issue 50 million listed, unsecured, rated, redeemable, subordinated Basel III-compliant debentures of Rs.100 each, with the non-viability conversion feature for the tenures of five years, seven years and 10 years, with an option to issue up to a further 50 million debentures, amounting to Rs.5 billion, in the event of an oversubscription of the initial tranche.

The debenture issue is subject to all necessary regulatory and shareholder approvals, the bank said.