Hayleys Rs.3bn debenture issue oversubscribed

Hayleys PLC yesterday said its Rs.3 billion debenture issue was oversubscribed on the opening day.

Hence, the issue was closed at 4.30  p.m. yesterday. The diversified conglomerate offered 20 million listed, rated, unsecured, senior, redeemable, five-year debentures, each at Rs.100, with an option to issue up to further 10 million of the same debentures in the event of an oversubscription of the initial tranche.

ICRA Lanka, a group company of Moody’s Investors Services, had assigned the debt issue (SL) A+ with a Stable outlook.

The Colombo Stock Exchange had approved in principle an application for the listing of the debt securities. Hayleys raised Rs.4 billion through a listed debenture issue in July last year.