LOLC Holdings to raise Rs.10bn via listed debt

LOLC Holdings yesterday announced a plan to raise up to Rs.10 billion via a listed debenture issue.

The company plans to issue 75 million listed, rated, senior, unsecured, redeemable debentures, each priced Rs.100 with an option to issue up to a further 25 million of the said debentures in the event of an oversubscription of the initial issue.

The subscription list of the issue will officially open on February 18. NDB Investment Bank (NDBIB) functions as the Managers to the issue, while PW Corproate Secretarial Private Limited acts as Registrars.

Meanwhile, NDBIB and People’s Bank Investment Banking Unit have been appointed as joint placement agents to the issue.

LOLC Holdings yesterday closed at Rs.422.75, down Rs.17.50 or 4 percent.

LOLC Holdings in December last year revealed plans to raise up to Rs.6.5 billion via a debenture issue. Then it was upsized to Rs.10 billion on February 1 this year.

LOLC Holdings recently enjoyed a short stint as the most valuable corporate on the CSE in terms of market capitalization. But as of yesterday, the company had fallen back to the third place, with long-time heavy weights Ceylon Tobacco Company PLC and John Keells Holdings PLC reclaiming their positions as number one and two in terms of market capitalization.

LOLC Holdings in December last year revealed plans to raise up to Rs.6.5 billion via a debenture issue. Then it was upsized to Rs.10 billion on February 1 this year.

LOLC Holdings recently enjoyed a short stint as the most valuable corporate on the CSE in terms of market capitalization. 

But as of yesterday, the company had fallen back to the third place, with long-time heavy weights Ceylon Tobacco Company PLC and John Keells Holdings PLC reclaiming their positions as number one and two in terms of market capitalization.