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Commercial Credit Rs.2 bn debenture snapped up

4 December 2015 03:17 am - 0     - {{hitsCtrl.values.hits}}

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The subordinated debenture issued by the finance company, Commercial Credit And Finance PLC to raise Rs.2 billion was oversubscribed on the opening day of the issue yesterday.  This is the second time the company tapped the debt market in 2015 to raise capital as it raised Rs.1 billion in May 2015 in a similar type debenture. 
The company yesterday issued 10 million debentures at Rs. 100 with the option to upsize the issue by another 5 million in the event of over subscription of the initial tranche. 
The company further upsized the issue by another 5 million debentures as the initial two tranches were oversubscribed, taking the total debentures issued up to 20 million raising Rs.2 billion. 
Commercial Credit in January 2015 raised Rs.672 million through a private placement issuing 32 million shares to Creation Investments Sri Lanka Limited at Rs.21 a share. 
For the six months ended September 30, 2015, the company posted a net profit of Rs.1.12 billion, up 13.8 percent from a year ago. 
The group had an asset base of Rs.67 billion as of September 30, 2015, recording a growth of Rs.8 billion during the six months. 

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