Seylan Bank decides to raise Rs.5bn via listed debt issue

The director board of the Seylan Bank PLC has passed a resolution to raise Rs.5 billion through a listed debenture issue. To this end, the bank, yesterday in a stock market filing said 30 million rated, unsecured, subordinated, redeemable debentures at a par value of Rs.100 each would be issued with an option to issue a further 20 million of the said debentures in the event of an oversubscription of the initial tranche. “While the interest rates options/coupons will be decided by the board and announced prior to the opening of the issue, the debentures will be issued for tenures of five and seven years,” the filing said. The bank said the debentures would be listed on the Main Board of the Colombo bourse and an application in this regard would be submitted to the CSE in due course.