People’s Leasing’s Rs. 10 billion three and five year debentures oversubscribed

By Hiran H.Senewiratne

People’s Leasing & Finance PLC (People’s Leasing) announced the successful oversubscription of Rs. 10 billion Senior, Unsecured, Listed, Redeemable, Rated, Three Year and Five Year debentures at a par value of Rs. 100 with the receipt of applications for over Rs. 14 billion by the closure, CSE sources said.

People’s Leasing & Finance issued Rs. 4 billion Senior, Unsecured, Listed, Redeemable, Rated, debentures with an option to offer a further Rs. 6 billion debentures in the event of oversubscription, aggregating to a value of up to Rs. 10 billion. The original decision to issue Rs. 8 billion was upsized to Rs. 10 billion upon receiving necessary regulatory approval. The issue was rated A+(lka) by Fitch Ratings Lanka Ltd.

The issue offered investors four opportunities in the form of Type A, B, C and D. Type A and Type C offered fixed coupon rates payable annually for three and five year tenors, while Type B and Type D are zero coupon debentures for three and five year tenors. All four types of debentures offer rates ranging from 8.00 percent per annum (AER 8.00%) to 9.00% per annum (AER 9.00 percent) for 3 years and 5 years respectively.

Meanwhile, the CSE was positive at the beginning of yesterday and the positivity was mainly due to upcoming corporate quarterly earnings. Later the market turned negative due to profit takings and worries over the COVID 19 pandemic situation in the country, stock market analysts said.

Both indices moved downwards. All Share Price Index went up by 20.28 points and S and P SL20 rose by 9.37 points. Turnover stood at Rs. 2.54 billion with one crossing. The crossing was reported in Windforce, which crossed two million shares to the tune of Rs. 30 million; its shares traded at Rs. 19.

In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 791 million (11.7 million shares traded), Lanka Wall Tiles Rs. 117.5 million (1.65 million shares traded), Royal Ceramic Rs. 103.6 million (2.68 million shares traded), HVA Foods Rs. 75.8 million (nine million shares traded), Hayleys Rs. 71.9 million (884,000 shares traded) and TJ Lanka Rs. 71.5 million (1.7 million shares traded).

Further, Piramal Glass has changed the name of its Sri Lankan subsidiary to PGP Glass Ceylon PLC. During the day 108.5 million share volumes changed hands in 25129 transactions.