Seylan to issue debentures

The board of directors of Seylan Bank PLC informed the Colombo Stock Exchange (CSE) today the decision to proceed with a public issue of 10,000,000 (ten million) Unsecured Subordinated Redeemable Five year Debentures with a par value of Rs.100 each to raise Rs.1,000,000,000 (One billion) with an option to issue a further ten million of the said debentures  in the event of an oversubscription.

Whilst three interest options have been proposed consisting of fixed interest payable annually, monthly and floating interest payable annually, the respective rates are expected to be decided and announced prior to the opening of the issue by the board.

The board also approved an application to list the debentures in the CSE.