Seylan Developments goes for Rs. 814 m 1 for 1 Rights

Thursday, 10 March 2011 00:35 -     - {{hitsCtrl.values.hits}}

Seylan Developments Plc (SDL) is raising Rs. 814 million via a one for one Rights Issue.

The move subject to shareholder approval will see issuance of 74 million shares at Rs. 11 each.

Funds raised will be used to retire high cost borrowings and increase working capital.

SDL is a subsidiary of Seylan Bank is engaged in property development and management including the headquarters of the commercial bank at Colombo 3.

A significant restructuring is currently in progress at SDL.