FINANCIAL services firm British American Group's recently concluded corporate bond has surpassed its Sh3 billion target by more than half after being over subscribed by 147.7 per cent.
Britam said it will take in Sh6 billion since the bond plan had a green shoe option of Sh3 billion, which basically gives some provision for over-allotment.
"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," said Britam's Group managing director Benson Wairegi.
Various fund managers took up 50.9 per cent of the bond issued, bank and insurance companies jointly took 41 per cent and retail investors accounted for 8.1 per cent of the total raised.