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Last Updated : 2024-04-19 17:06:00
The minimum subscription is Rs.10,000 or 100 debentures and applications in excess of the minimum subscription should be in multiples of Rs.10,000 or 100 debentures.The company reserves the right t o issue a further 5,000,000, debentures totalling up to a maximum of 10,000,000 debentures worth Rs.1 billion, in the event of an oversubscription.
The debentures will mature in December 2019. The fiveyear (60 month) debenture offers a fixed interest rate of 8.90 percent per annum, payable annually.
The managers of the issue are NDB Investment Bank Ltd. Fitch Ratings Lanka has assigned a national long-term rating of A- (lka) to these debentures.
Chairman Channa Palansuriya said that one of the objectives of the issue is for the company to “use the entirety of the funds raised through this Issue and to expand and strengthen its capital base.”
He went on to add that the proposed issue would reinforce the company’s Tier II capital and facilitate further operational and asset base expansion.
“The flow of these debenture funds which carry a fixed rate of interest would cushion off the effects of any interest rate volatility expected in the future,” said Siyapatha Finance Limited Chief Executive Officer Roshan Nanayakkara.
By gaining access to additional sources of funds from non-deposit sources, Siyapatha Finance believes that it will help to open up capital market funding for the company and provide access to a wider investor base. The Chairman pointed out that the company’s “Ratings reflect our high credit quality and stability and we are confident that this attractive debenture issue will be received with enthusiasm by investors looking for a long term, secure investment with a sustainable business partner.”
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