Sri Lanka’s People’s Leasing & Finance PLC has announced that its recent debenture issue aimed at raising 10 billion rupees was met with substantial demand, resulting in oversubscription. The company disclosed the allocation details through a market notice.
Initially, the firm proposed 50 million subordinated unsecured redeemable debentures, each priced at 100 rupees. Due to the high interest, an extra 50 million debentures were made available for investors.
In their announcement, the company stated that they received applications for over 100 million debentures, totaling 10 billion rupees. Consequently, the allotment of these debentures will take place on September 30, 2026.
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According to the allocation criteria, 65,050,000 debentures will be distributed to selected investors on a priority basis, as outlined in Section 6.7 of the prospectus dated September 18. For other investors, those who submitted applications for up to 1,000,000 debentures will receive the full amount they requested. However, for applications exceeding 1,000,000 debentures, investors will be allotted 1,000,000 debentures plus 84.90 percent of any additional amount requested, rounded to the nearest 100 debentures.
Any discrepancies resulting from rounding adjustments will be reconciled by reducing the allocation for the largest applicant whose order has not been completely fulfilled.
