Seylan Bank PLC’s Basel III compliant Tier II listed debenture, raising up to Rs. 15 billion, was oversubscribed on the opening Day.
The Basel III Compliant, Tier II, Listed, Rated, Unsecured, Subordinated Redeemable Debentures with a Non-Viability Conversion is at a par value of Rs. 100 each for an initial issue of 50,000,000 debentures with an option to issue up to another 75,000,000 debentures and in the event of oversubscription to issue an additional 25,000,000 debentures at the discretion of the Bank, raising a total amount of Rs 15 billion. The debenture will be listed on the Colombo Stock Exchange.
The debenture proceeds will be directed toward the Bank’s three key strategic priorities such as reducing maturity mismatches in the asset and liability portfolio, strengthening the Tier II capital base, and expanding the Bank’s lending capacity in the critical SMEs, exports, and agriculture sectors. In deploying capital where it is needed, Seylan Bank aims to actively support Sri Lanka’s economic recovery and future growth.
