Oct 21, Colombo: The Rs. 8 billion debenture issue of Sri Lanka's Bank of Ceylon (BOC), opened today for subscription, was oversubscribed by over 240 percent within hours and closed at the end of the business day.
The state-owned bank received applications in value over Rs 19.5 billion, the BOC said in a statement to the Colombo Stock Exchange (CSE) and the issue was closed at 4:30 p.m. local time today.
The bank is awaiting to receive applications submitted at branches and broker firms before the close.
BOC issued 40 million unsecured, subordinated, redeemable debentures at an issue price of Rs. 100 each with an option to issue a further 40 million debentures in the event of initial 40 million debentures oversubscribed.
The debt issue consists of nine debenture types of different fixed and floating coupon rates with tenors between 5 to 10 years.
The debt issue has been given a AA(Lka) rating by Fitch and was listed on the CSE.