Sri Lanka’s National Development Bank Plc (NDB) has announced plans to raise up to 10 billion rupees through a debenture issue. The bank will offer Basel III-compliant, Tier 2 listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at 100 rupees each.
Initially, 50 million of these 5-year debentures will be issued, with the option to issue an additional 50 million if the first tranche is oversubscribed. The Colombo Stock Exchange has given in-principle approval for the listing, according to the bank’s filing.
The subscription list for the debenture issue will open on September 5, with NDB Investment Bank Limited serving as the manager for this offering.