DFCC debentures snapped up on opening day

DFCC Bank yesterday said it received applications for over 50 million debentures priced at Rs.100 each on the opening day of its Rs.7 billion debenture issue.
The bank said the issue would be closed at 4.30 p.m. on March 11, 2016 as per the prospectus as the initial tranche of the issue was oversubscribed. 
The bank said it would accept applications for the second tranche of 20 million debentures following the announcement of the oversubscription of the initial tranche.
The bank is expected to use debenture proceeds to reduce its maturity mismatches.