DFCC to raise up to Rs.7bn via Basel III compliant debt

DFCC Bank PLC plans to raise up to Rs. 7 billion via a Basel III compliant debenture issue.

To this end, the bank will issue 50 million Basel III compliant, Tier 2, listed, rated unsecured, subordinated, redeemable debentures with a non-viability conversion at an issue price of Rs.100 each with an option to issue up to further 20 million of the said debentures, at the discretion of the bank, in the event of an oversubscribing of the initial issue. The bank said the allotment and the secondary trading of these debt securities is limited to qualified investors.

The official opening of the subscription list of the issue will be on October 12.

The Joint Managers to the issue are NDB Investment Bank Limited and Acuity Partners Private Limited.

The Registrars to the issue is SSP Corporate Services Private Limited.