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Last Updated : 2024-04-19 21:20:00
Sampath Bank’s Basel III compliant listed debenture issue to raise up to Rs.6 billion, which opened yesterday, was oversubscribed.
Accordingly, the issue was closed at 4.30 p.m. yesterday as per the prospectus.
The bank issued 50 million Tier 2, listed, unsecured, subordinated debentures at Rs.100 each with an option to issue a further 10 million debentures in the event of an oversubscription of the initial issue.
These debentures will mature in seven years (2028) and carry a non-viability conversion at a pre-specified trigger point.
The bank plans to use the debenture proceeds to strengthen its Tier II capital base and support the expansion of its loan book. Fitch Ratings had assigned ‘A(lka)’ rating for the issue.
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