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HNB’s Rs.6bn worth of debentures snapped up

26 October 2016 12:05 am - 0     - {{hitsCtrl.values.hits}}

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Hatton National Bank PLC (HNB) yesterday said its Rs.5 billion debenture issue with an option to raise Rs.1 billion in the event of the oversubscription of the initial tranche, was oversubscribed on the opening day.


The registrars to the issue said applications have been received for over Rs.6 billion for the said debenture issue and accordingly the entire issue, including the initial issue and the oversubscription option, has been oversubscribed.


As a result the issue was closed 4.30 p.m. yesterday.

The debentures, which have tenors of five and seven years and carry fixed coupons, will be listed on the Colombo Stock Exchange. 


HNB expects to use the proceeds to strengthen its Tier II capital base. The bank’s Tier II capital adequacy was at 12.97 percent as at June 30, 2016. 


HNB also raised Rs.7 billion this March through a subordinated debenture issue.


Fitch Ratings had assigned ‘A+(lka)’ to the issue, one notch below HNB’s national long-rating. 


 

HNB says no EGM today 

Hatton National Bank PLC (HNB) yesterday informed its shareholders that the Extra Ordinary General Meeting (EGM) scheduled for today would not take place due to an interim court order obtained by a shareholder preventing it. 


Business tycoon Harry Jayawardena, who holds 17.92 percent in HNB, last week went to Colombo Commercial High Court and obtained an interim order to prevent the said EGM which was scheduled to obtain shareholder approval to sell a 10 percent stake of the bank to Asian Development Bank by way of a private placement to raise US $ 50 million.  


According to Jaywardena, the proposed deal is disadvantageous to him as a major shareholder of the bank.

 

 

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