Sampath Bank to raise Rs6bn in listed debt; Deshal resigns

June 30, 2017 (LBO) – Sri Lanka’s Sampath Bank plans to raise as much as 6 billion rupees from a sale of debentures which will be quoted on the Colombo Stock Exchange.

The bank said in a stock exchange filing that they wanted to sell 40 million listed unsecured subordinated convertible debentures at 100 rupees each with an option to issue further 20 million debentures.

The decision to issue 60 million debentures has been taken at a board meeting held on 29 June 2017 subjected to the regulatory and other necessary approvals.

Fully owned subsidiary of Sampath Bank Siyapatha Finance is also planning to raise one billion rupees from a public offer of debentures.

Meanwhile, Deshal de Mel has tendered his resignation from the board of Sampath Bank with effect from 1 July 2017 and the board has accepted it.

De Mel served as a non-executive director of the Sampath Bank Board of Directors.