Ceylinco Development Bank launches debenture issue

Ceylinco Development Bank launched its debenture issue to its customers last week. Ceylinco Consolidated Chairman Dr. Lalith Kotelawala and Deputy Chairman of CDB R. Renganathan were present at the launch.

The issue is for 1,000,000 unsecured subordinated redeemable three year unlisted debentures of Rs. 100 each amounting to Rs. 100,000,000 (with an option to issue a further 1,000,000 debentures amounting to Rs. 100,000,000 in the event of an over subscription) with a put-option to redeem after one year from the date of allotment.

The debenture issue offers two attractive tax-free interest options of 12% annually and 11.5% monthly.

The put-option available for prospective investors after one year, add liquidity to the investment in the vent of a requirement to convert the investment into cash.

Ceylinco Development Bank is a member of Ceylinco Consolidated, which is one of the largest and most diversified conglomerates in Sri Lanka.

CDB since inception in 1995 has been operating as a differentiated development bank in the country, servicing a spectrum of entrepreneurs ranging from micro to macro and small and medium enterprise (SME) sector to co-operate.

CDB services are spread over a range of financial services both fee and fund-based including project financing, business loans, leasing, trade finance bills discounting, guarantees and money market operations.