CSE grants approval for Vidullanka’s Rs. 500 mn Sukuk listing

The Colombo Stock Exchange (CSE) has granted in-principle approval for the listing of Shariah-compliant debt securities by Vidullanka PLC, up to Rs. 500 million through a Sukuk issuance.

The company’s offering comprises five million listed, rated, secured, and redeemable Sukuk with a five-year tenure, priced at Rs. 100each. 

The issue will include two types of instruments: one carrying a fixed Ijarah payment rate of 10.75 percent per annum, with an annualised effective rate of 11.04 percent, and the other offering a floating Ijarah payment rate linked to the Average Weighted Prime Lending Rate, subject to a floor of 10.00 percent and a cap of 13.00 percent. 
Both types will make payments on a semi-annual basis.