The selling price was agreed in May this year, on the basis of the exchange rate announced by Sri Lanka's Central Bank.
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At that time, Sri Lanka's Central Bank was quoting a rate of Rs. 1.80 for each Bangladesh taka.
"However, at the time we were to conclude the transaction, Samapth Bank insisted that we should use the exchange rate obtained from the Reuter screen which was significantly lower than the rate quoted by the Central Bank," Vanik said in a statement to the Colombo Stock Exchange on Friday.
The comparative exchange rate was Rs. 1.8538 (quoted by the Central Bank) and Rs. 1.5421 (seen on the Reuter screen).
The exchange loss has now left Vanik Rs. 12 million short of the original expected sale price, its Chief Executive Justin Meegoda said.
Vanik, however, agreed to take the lesser sum, to avoid a three-year legal process.
Due to the shortfall, Meegoda says the company is unable to meet the balance 50 percent due to debenture holders.
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Since the payment is large, he says, Vanik needs more than one recovery to meet the shortfall.
Meegoda has asked for six weeks to propose a new payment scheme.
Vanik's debenture was worth around Rs. 939 million.
-LBO Newsdesk: LBOEmail@vanguardlk.com