SL’s first listed Sukuk fully subscribed on opening day

Vidullanka PLC’s issuance of five million listed, rated, secured, and redeemable Sukuk was fully subscribed on the opening day (17 June).

Applications received exceeded the Rs. 500 million target. The subscription list closed at 4:30 p.m. on the same day, in line with the prospectus. All valid applications submitted before the cut-off time will be accepted, the entity said in a disclosure.

The company stated that the basis of allotment will be disclosed to the Colombo Stock Exchange in due course.

The Sukuk, priced at Rs. 100 per unit, raised Rs. 500 million through 50,000 units. Proceeds will be used to settle Rs. 400 million in short-term debt, with the remainder allocated for working capital.

Investors were offered two return options: a fixed-rate (Ijarah) scheme yielding 10.75 percent semi-annually (effective annual return of 11.04 percent), and a floating-rate option pegged to the Average Weighted Prime Lending Rate (AWPLR), with a floor of 10 percent and a cap of 13 percent over five years.