Citizens Development to raise Rs.1bn via debt issue

Citizens Development Business Finance, a listed finance company, is to raise Rs.1 billion by way of a debenture issue.
The Colombo Stock Exchange in principle has given its approval to list the debt securities. 
Accordingly, the company will be issuing 10 million rated, subordinated, guaranteed, redeemable debentures at a price of Rs.100 each.
The subscription list of the issue is scheduled to open on May 27.
The joint managers to the issue are First Capital Limited and the corporate finance division of Citizens Development Business Finance. 
Business Intelligence (Pvt.) Ltd functions as the registrar to the issue.