BOC to raise up to Rs.10bn via listed debt issue

State-owned banking giant Bank of Ceylon (BOC) yesterday revealed plans to raise up to Rs.10 billion through a listed debenture issue.
The bank said it plans to issue 50 million Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures, with non-viability write down features, at an issue price of Rs.100 each, with an option to issue further 50 million of the said debentures in the event of an oversubscription of the initial issue.
“We confirm that the aforesaid issue will be subject to obtaining all necessary regulatory approvals and that the bank proposes to have these debentures quoted on the Colombo Stock Exchange,” a stock market filing by BOC said.