Sri Lanka’s Seylan Bank to raise Rs5bn from listed debenture

Oct 06, 2016 (LBO) – Sri Lanka’s Seylan Bank is to raise 5.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing.

The bank has decided to issue rated senior unsecured redeemable debentures worth 50 million rupees at 100 rupees each with an option to issue up to a further 30 million debentures in the event of an over subscription.

The proposed issue will be carried out after obtaining necessary approvals including the CSE listing approval, the board of directors of the bank said.

The proposed tenors of the issue are three years and four years from the date of allotment whilst the interest rate options will be decided by the Board prior to the opening of the issue.