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.