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Sri Lanka’s Seylan Bank aims for Rs10Bn Basel III capital boost

ECONOMYNEXT – Seylan Bank’s application for a proposed debenture issue to raise 6 billion rupees in Basel-III compliant capital was approved by Sri Lanka’s stock exchange.

The private bank will offer 60 million listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion at 100 rupees each, the Colombo Stock Exchange said in a statement.

If oversubscribed, Seylan Bank has an option to offer an additional 40 million debentures at the same price, which could take the total offer to 10 billion rupees.

Subscription list opens 21 March, 2018.

Capital Alliance Partners Ltd and state People’s Bank Investment Banking Unit are joint managers to the issue.

Seylan Bank shares last traded at 87 rupees. (COLOMBO, March 16, 2018)

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