Seylan Rs.10 bn debenture oversubscribed
View(s):Seylan Bank said this week that its Rs.10 billion debenture issue was oversubscribed on its opening day, with applications for over 100 million debentures, signalling strong investor confidence.
The bank issued an initial Rs.5 billion in Basel III-compliant, Tier 2, listed, rated, unsecured, subordinated, redeemable debentures. These debentures, priced at Rs. 100 each, have maturity periods of five and seven years and include a non-viability conversion feature. In case of oversubscription, the bank retained the option to issue an additional Rs. 3 billion in debentures, with a further option to issue another Rs.2 billion under the same terms, the bank said in a media release.
“We are pleased to note the overwhelming response to the debenture issue. It is a clear indication of investor confidence reverberates in the market,” said Ramesh Jayasekara, Director/CEO Seylan Bank.
The primary objectives of the debenture issue are threefold: to strengthen the bank’s Tier 2 Capital base in compliance with BASEL III requirements, to expand the lending portfolio with a focus on Small and Medium Enterprises (SME) and export-oriented industries, and to reduce asset-liability maturity mismatches. The strategic move aims to enhance the bank’s capital structure while supporting key economic sectors and improving overall financial stability.
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