Britam’s Corporate Bond has raised Sh7.4 billion against a target of Sh.3 billion, representing an over-subscription of 147.7 per cent.
The bond, which had a Sh 3 billion green shoe option, will see Britam retain Ksh 6 billion as approved by the Capital Markets Authority (CMA).
Making the announcement, Group Managing Director Dr. Benson Wairegi said, “The massive participation in the corporate bond is a validation of the confidence the market has in the Group.
The funds will give us the additional impetus needed to take our Group to the next level of growth in line with our strategic plan.”
He also said that the achievement of Ksh.6 billion nullifies the earlier planned second tranche, which would have raised the balance from the first tranche.
Britam will utilize the funds to further regional and local expansion, acceleration of property development and to increase investment in private equity.