3 December 2018 10:49 am
Sampath Bank PLC said it is raising up to Rs.7 billion in Basel III compliant debentures, following a director board decision on the same on November 29.
The debenture issue will have three tranches. The initial issue will see the bank issuing 50 million 5-year, rated, unsecured, subordinated, redeemable Basel III compliant convertible debentures.
The bank will upsize the issue by 10 million notes of the same debenture in the event of an oversubscription of the initial tranche.
The bank plans to issue a further 10 million of the same notes in the event of an oversubscription of both first and the second tranches.
Sampath Bank in October suspended a planned dollar bond issue to be quoted in the Singapore Stock Exchange due to unfriendly international capital market conditions.
The bank in July revealed plans to issue US dollar denominated debentures to raise US $ 100 million to prop up its tier II capital base and accelerate lending.