Vallibel Finance PLC has successfully raised Rs. 3 billion through its inaugural listed debenture issue, which concluded last week. The issue attracted overwhelming interest, with 92 applications seeking debentures worth Rs. 3.1 billion.
The company issued 20 million listed, rated, subordinated, unsecured, redeemable debentures of Rs. 100 each, with an option to issue an additional 10 million debentures in case of oversubscription.
The debentures are divided into two types:
- Type A: A five-year tenor with a fixed coupon rate of 12.95% per annum (AER 13.37%), payable semi-annually.
- Type B: A five-year tenor with a fixed coupon rate of 13.37% (AER 13.37%), payable annually.
Applications for Type A amounted to Rs. 112.2 million from 25 applications, with payments made via bank drafts and cheques, as well as Rs. 370 million via RTGS/SLIPS/CEFTS transfers.
Type B attracted Rs. 678.35 million from 44 applications via bank drafts and cheques, and Rs. 1.947 billion via RTGS/SLIPS/CEFTS transfers from 17 applications.
According to the basis of allotment, all applicants received 100% of the debentures they applied for, with adjustments made for rounding differences in the Type B category for the largest applicant.
The First Capital Advisory Services Ltd. acted as the managers to the issue.
For the first six months of FY25, Vallibel Finance saw a 24.5% increase in consolidated net profit, reaching Rs. 1.1 billion. Group net operating revenue grew by 22.7% to Rs. 4.96 billion, and pre-tax profit rose by 23% to Rs. 1.9 billion.