Seylan Bank goes for Rs. 6 b debenture issue

Monday, 27 October 2014 00:35 - - {{hitsCtrl.values.hits}}

Seylan Bank’s Board of Directors has resolved to proceed with a debenture issue to raise a maximum of Rs. 6 billion. It plans to offer 30 million rated senior unsecured redeemable debentures at Rs. 100 each and in the event of an oversubscription issue an equal amount further. Interest rate options and the tenors are to be decided by the Board and announced prior to the opening of the issue. Pan Asia Bank’s Rs. 3 b debenture oversubscribed. The planned debentures will be listed on the Colombo Stock Exchange and a formal application is to be submitted shortly. Seylan Bank last had a Rs. 2 billion listed five debenture issue in early 2013. It offered a fixed rate of 15.5% payable annually, a 15% fixed rate payable semi annually and a fixed rate 14.5% payable monthly.

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