Feb 05, Colombo: Commercial Credit and Finance PLC's Rs. 250 million debenture issue has raised Rs. 119.2 million up to February 01, the Merchant bank of Sri Lanka disclosed in a statement to the Colombo Stock exchange.

The 2.5 million five-year debentures of Rs. 100 each opened on January 23, 2013 with an option to issue a further 2.5 million debentures in the event of an over subscription amounting to a total value of Rs 500 million.

The debentures listed on the Second Board of the Colombo Stock Exchange with 20% interest payable on a quarterly basis will yield an annual effective rate of 21.55%.

From 114 applications received by the end of the February 01 trading day1,191,755 million had been issued raising Rs. 119,175,500 million.

The Issue will close on February 13 or whichever earlier date on which the initial 2.5 million Debentures or the entire 5 million are fully subscribed.