Bogawantalawa Tea Estates debenture issue oversubscribed

The 5, 6 & 7 year long-term, listed Debenture Issue of Bogawantalawa Tea Estates PLC was successfully oversubscribed within a few hours of opening on 18th July 2019

The debut listed Debenture Issue of BTE, also marks a unique fund raiser, especially suited for the plantation sector. The Issue featured 3 types of debenture options, each with attractive interest rates built-in. The varied features offered, such as the discount on the investment value at the onset, call options involving part cash considerations, attracted much interest to the Issue, mirroring the vigor of the pre-taxation era of the listed Debenture Market. The existence of the sinking fund and the cornerstone investor subscription, which underwrites more than 50% of Issue, served to further strengthen the Issue.

Areva Investments (Pvt) Ltd, a catalyst in the field of corporate finance and investment banking services, pioneered and managed this innovative debenture issue. The quick oversubscription of the Issue is recognized as a positive reflection on the level of confidence placed by the market in Bogawantalawa Tea Estates PLC and thus the Board of Directors of the Company wishes to express their sincere gratitude to all those who supported the Issue.

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