People's Leasing raises $30.2M in oversubscribed debenture issue

What's the deal? People's Leasing & Finance PLC has raised Rs. 10 billion (about $30.2 million) through its 2026 debenture issue, after demand exceeded the maximum 100 million debentures on offer. The debentures were allotted on September 30, 2026.

Why now? The issue opened with 50 million listed, rated, subordinated, unsecured, redeemable debentures at Rs. 100 each, with an option to issue a further 50 million if oversubscribed. Strong demand led the company to exercise that option in full, doubling the raise from Rs. 5 billion.

How it was allocated: Of the 100 million debentures, 65.05 million — or 65% — went to investors identified on a preferential basis under the prospectus dated September 18, 2026. The remaining 34.95 million went to other investors.

Applicants seeking up to 1 million debentures received their full allocation. Larger applicants received 1 million debentures plus 84.9% of the balance, rounded to the nearest 100.

Subordinated debentures rank below other creditors' claims if the company is wound up.

The signal: The full upsizing points to firm investor appetite for the Sri Lankan non-bank lender's debt. At roughly $30.2 million, the raise sits toward the smaller end of the funding spectrum, but the oversubscription signals confidence in the issuer's credit.

Read more: ft.lk

Image credit: CiceroComms