Tuesday January 26, 2021
Tharusha Ekanayake, Chief Working Officer at First Capital Holdings, says the debenture proceeds can be used to construct a Dealing Securities Portfolio consisting of listed and unlisted debt and fairness
ECONOMYNEXT – First Capital Holdings PLC mentioned it’s going to elevate one billion rupees by way of a debenture problem on February 1st, 2021, with the choice of elevating an extra one billion rupees within the occasion of an oversubscription.
The debentures may have a five-year tenor and can be listed on the Colombo Inventory Trade.
FCH proposes to problem 10 million rated, unsecured, senior, and redeemable debentures priced at 100 rupees every. If subscribed, the funding financial institution will supply one other 100 million debentures on the similar value, in impact doubling the difficulty.
The problem is rated [SL] A with Steady outlook by ICRA Lanka Restricted. The debentures within the denomination of Rs. 100 are supplied in two variants, Kind A with a 5-year mounted rate of interest of 10.00% p.a. (AER 10.00%) payable yearly, Kind B with 5-year floating rate of interest of weekly AWPLR + 2.00% p.a. payable yearly, FCH mentioned in a press release.
“The funds thus raised, are supposed to finance the expansion momentum of the corporate whereas extending the funding combine,” mentioned First Capital’s Chief Working Officer, Tharusha Ekanayake. He mentioned FCH intends to make use of the funds to ascertain a Dealing Securities Portfolio consisting of listed and unlisted debt and fairness.
The problem opens for subscription on Monday, February 1st, 2021 and is managed collectively by the Company Finance Division of First Capital Restricted and Folks’s Financial institution Funding Banking Unit.
The score of First Capital Holdings PLC and its subsidiary, First Capital Treasuries PLC was not too long ago upgraded to [SL]A with a Steady outlook by ICRA Lanka Restricted.
“The score improve components within the monetary stability and robust monetary efficiency posted by the corporate within the previous years,” FCH mentioned in a press release.
First Capital is a member of the Janashakthi Group and specialises as a major seller, stockbroker, company advisory, debt structuring and wealth administration.
The corporate has over three many years of experience in offering capital market options and closed the primary half of the monetary 12 months 2020/21 with a post-tax revenue of 1.72 billion rupees.
The Prospectus and Utility Kind will be downloaded from www.firstcapital.lk | www.cse.lk.
(COLOMBO, 26 January 2020)