NDB to raise Rs.10bn via Basel III-compliant debentures

National Development Bank (NDB) yesterday announced it would raise a maximum sum of Rs.10 billion by way of Basel III-compliant Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. 
In a filing to the Colombo Stock Exchange (CSE), NDB said it would issue up to a maximum of 100,000,000 debentures, with a non-viability conversion of Rs.100 each.
The 100,000,000 debentures will be issued in one or multiple issuances, the timing of which is within a one-year time frame from the date of obtaining the shareholder approval.

This will be subject to the approval of the CSE and will be decided by the board, based on the requirements of the bank and prevailing market conditions.
The size, tenure/maturity period (minimum five years), coupon rate/s and frequency of coupon/s will be notified prior to the opening of such multiple issuances planned.