ECONOMYNEXT – Sri Lanka’s Abans Plc said it was postponing its debenture issue by a week and changing the issue size due to volatility in the market.
“The Company has decided to postpone the Debenture issue opening date to 10th December 2024 and the Issue Size considering the volatility in the market interest rates,” Abans said in a stock exchange filing.
“The issue size is to be revised to as follows; An initial Issue up to Three Million (3,000,000) Listed, Rated, Unsecured, Senior, Redeemable Debentures.”
The consumer products retailer initially said it will issue 10 million listed, rated, unsecured, senior, redeemable, 5-year debentures at 100 rupees each.
And a further 10 million debentures in the event of an oversubscription of the initial issue to raise a maximum amount of 2 billion.
They will bear a fixed interest rate of 13 percent per annum payable annually (AER 13%), the company said.
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Sri Lanka’s Abans to raise upto Rs2bn in debenture issue
The Colombo Stock Exchange has approved the listing in principle. (Colombo/Dec2/2024)
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