Mar 21, Colombo: The latest debenture issue of Sri Lanka's Merchant Bank to raise Rs. 2 billion has been oversubscribed, the Bank announced Wednesday in a stock market disclosure.

The Bank announced that it had received applications for subscriptions of over 20 million by 2:30 p.m. and the subscription list opened in the morning was closed by 4:30 p.m. on the same day.

The Merchant Bank in total planned to issue 20 million Unsecured Redeemable Debentures at a rate of Rs. 100 each in the event of an oversubscription. The debentures will be listed on the Colombo Stock Exchange.