The issue due to open on Jan. 21 also carries the option of raising a further Rs. 30 mn in the event of an oversubscription, the bank said.
rnrnWith a minimum Rs. 1,000 subscription, the issue
quote s interest rates vary from 13 percent to 14.5 percent depending on each individual type of investments.
rnrnThe varying interest rate is structured to cater to small time retail investors, the bank
quote s Director/General Manager, Rohan Senanayake said.
rnrn”Our focus is on smaller individual investors rather than institutions. About 350 investors participated in our last debenture issue, which was very encouraging.”
rnrnSMB has structured several debenture issues since 1998. The latest in June 2001 for Rs 50 mn was oversubscribed in December last year.
rnrnThe bank said its leasing operations grew by around 70 percent last year. Seylan Merchant Bank, which commenced operations in October 1992 as a public limited liability company, is a member of Ceylinco Consolidated.rn