Seylan Bank Rs. 15 b listed debenture snapped up on opening day

SEYLAN Bank PLC’s Basel III-compliant Tier II listed debenture, raising up to Rs. 15 billion, was oversubscribed on the opening day on Wednesday having received strong market response, highlighting investor confidence in the bank’s resilient business model and long-term vision.

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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.

Seylan Bank PLC Director/ CEO Ramesh Jayasekara said: “Strengthening the bank capital structure aligns to prudent banking and supporting national economic priorities. The success of our Basel III compliant debenture will help us to meaningfully scale lending to the economy, particularly in empowering Sri Lanka’s vibrant Small and Medium Enterprise (SME) sector, accelerating export-oriented growth and uplifting agriculture.