NDB to raise Rs.6.5bn via Basel III debt issue

National Development Bank PLC (NDB) yesterday revealed the plans to raise up to Rs.6.5 billion via a Basel III-compliant debenture issue.

The bank plans to 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 a further 15 million of the said debentures at the discretion of the bank, in the event of an oversubscription of the initial issue.

The official opening of the debenture issue is September 17 but the subscription will begin from tomorrow.

The manager to the issue is NDB Investment Bank Limited and the registrar to the issue is SSP Corporate Services Limited. The previous debenture issue from the lender was in March 2019, to raise a similar amount.