Janashakthi gets nod for debenture issue

The Colombo Stock Exchange has approved in principal an application for listing debt securities by Janashakthi Limited, the holding company of Janashakthi Insurance PLC.

To this end Janashakthi Limited plans to issue 5 million rated senior unsecured redeemable debentures with an option to issue up to a further 5 million in the event of an oversubscription at an issue price of Rs.100 each.

The date of opening the subscription list is November 12, 2014 and Managers to the issue is First Capital Limited. The registrars to the issue is Business Intelligence Limited.

Janashakthi Limited last issued Rs.1 billion worth debentures in May 2014, which was used to refinance its borrowings to improve liquidity.

Janashakthi Limited owns 67.85 percent of the shares in its main business, Janashakthi Insurance PLC.

Formed in 1994, Janashakthi Limited is owned and operated by the Schaffter family.