Seylan to raise Rs. 12 b via multiple debenture issues

Seylan Bank yesterday announced plans to raise a maximum of Rs. 12 billion via multiple debenture issues.

Its Board resolved to issues up to a maximum of 120 million BASEL III compliant, Tier II, Listed, Rated, Unsecured, Subordinated, Redeemable Debentures with a Non-Viability Conversion of Rs. 100 each.

The 120 million debentures will be issued in one or more issuances until 31 December 2023.

The size, tenure/maturity period (minimum five years), coupon rate/s, frequency of coupon/s etc., as determined by the Board will be notified prior to the opening of each issue. The debentures will be offered to ‘Qualified Investors’.

The debenture issues are subject to regulatory approval.