LB Finance Rs.3bn debenture issue snapped up on opening day

Leading non-bank lender LB Finance PLC yesterday said it raised Rs.3 billion by way of a debenture issue.

The offer, which saw the issuance of 20 million debentures with an option to issue up to a further 10 million debentures in the event of an oversubscription of the initial issue, at an issue price of Rs.100 a share, was snapped up on the opening day.

“Therefore the said issue will close at 4.30 p.m. today as per the prospects” the registrars to the issue PW Corporate Secretarial Pvt. Ltd said in a stock market filing yesterday.

The Colombo Stock Exchange has given its preliminary approval to LB Finance to list the debentures.

Capital Alliance functioned as the mangers to the issue.  LB Finance is also a leader in the country’s micro-finance sphere. The company recently announced plans to enter into the micro-finance space in Myanmar.