Rayynor ups stake in Seylan to 10% with fresh Rs. 1.2 b investment

Tuesday, 12 May 2026 05:33 - - {{hitsCtrl.values.hits}}

NDB exits Seylan, divesting its 8.72% stake

Rayynor Silva

Famed media industry figure and business leader Rayynor Silva yesterday further strengthened his foothold in the financial services industry, upping his stake in Seylan to 10% from 6% with an investment of Rs. 1.2 billion.

The market yesterday saw 26.7 million voting shares of Seylan Bank exchanging hands at a price of Rs. 103 per share for Rs. 2.77 billion. It closed the day at Rs. 106.25, up by Rs. 0.25.

The seller was National Development Bank PLC (NDB), which, as at 31 March 2026, held 26.63 million shares or 8.72% as the fifth largest shareholder.

Of the quantities traded, Rayynor via his investment arm Phantom Investments Ltd., had picked up 12 million shares (4% stake) at Rs. 104 each. Up to yesterday, Phantom held around a 6% stake, whilst the 31 March 2026 stake amounted to 5%.

Seylan’s major shareholders include Brown & Company/LOLC Investments (23%), Sri Lanka Insurance Corp. – General Fund (10%), Employees’ Provident Fund (EPF) (9.86%), and Ambeon Holdings (9%).

In October 2025, Rayynor acquired a 5% stake or 15 million voting shares in Seylan Bank for Rs. 1.57 billion (Rs. 105 per share) from business tycoon Dhammika Perera, who was exiting his position.

The 10% voting stake in Seylan Bank further expands Rayynor’s banking sector investment portfolio. He already holds a 10% stake each in Sampath Bank and DFCC Bank, and 2% each in Commercial Bank and Hatton National Bank.

Rayynor’s bullishness on the banking sector is long-term, though owing to the Middle East war, investing and economic sentiment are under short-term pressure.

Separately, Rayynor also holds a 6% stake in Hayleys PLC and a 5% stake in Amana Takaful PLC.