HNB to raise Rs.7bn via listed debt issue

Sri Lanka’s second largest private bank Hatton National Bank PLC (HNB) is to raise Rs.7 billion through a listed debt issue.

To this end, the bank is planning to issue 40 million subordinated, unsecured, redeemable, rated debentures at an issue price of Rs.100 each, with an option to issue up to a further 20 million of the said debentures and with a further option to issue up to further 10 million of the said debentures at the discretion of the bank, in the event of an oversubscription of each tranche.  The bank has received approval in principle from the Colombo Stock Exchange to list the debt securities. 

The subscription list of the issue will open on March 16, 216. Joint Managers to the issue are Acuity Partners (Pvt) Ltd and NDB Investment Bank Limited. 

SSP Corporate Services Ltd functions as the Registrars to the issue.