Seylan Bank’s Rs 1 bln debenture issue

Seylan Bank has announced the issue of unsecured subordinated redeemable debentures amounting to Rs 500 million with an option to go up to Rs 1 billion if oversubscribed .

A bank press release said the debentures are being listed on the main board of the Colombo Stock Exchange and was open for subscription on May 3.

“The debenture issue would boost the capital base of Seylan bank, and also help it to comply with prudential requirements for capital adequacy.

The debenture issue would carry attractive rates of interest to cater to the investing public for five years . Investors have the option of subscribing for debentures offering either a fixed rate of interest or a floating rate of interest,” the statement said.