Seylan Bank to raise up to Rs.20bn next year to boost capital

Seylan Bank has announced plans to raise up to Rs.20 billion next year, either in one or more issuances, to boost its capital.

The bank’s board has resolved to issues up to a maximum of 200 million BASEL III-compliant – Tier II, listed, rated, unsecured subordinated redeemable debentures, with a non-viability conversion of Rs.100 each. 

Seylan Bank said the debentures would be offered to ‘Qualified Investors’, as defined under the Listing Rules of the CSE.

The bank said the 200 million debentures would be issued in one or more issuances during the calendar year 2022.
It also said the size, tenure/maturity period (minimum five years), coupon rate/s, frequency of coupon/s, etc., as determined by the board, would be notified prior to the opening of each issue.

The debenture issue/s will be carried out with the necessary regulatory approvals and application/s seeking the approval of the CSE to list the debentures will be submitted by the bank in respect of the issue/s.