Nov 30, 2012 (LBO) – Sri Lanka’s Seylan Bank will to sell up to 2.0 billion rupees of public listed debentures maturing in five years, abandoning an earlier plan to privately place the securities. Seylan Bank said in a stock exchange filing that it will offer to sell one billion rupees of debentures and upsize the tranche to 2.0 billion if the initial amount is fully subscribed.
In a budget for 2013, the finance ministry said listed debentures will be free of withholding tax from January, creating renewed interest in public listed debt.
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Seylan said it planned to offer debentures which will pay a fixed rate of interest annually, monthly or monthly and a third type will pay a floating rate annually.