Sri Lanka’s listed Seylan Bank has decided to raise Rs. 1 billion via a debenture issue while keeping an option to increase it up to Rs. 2 billion in the event of an over-subscription.
This would be done through a private placement.
Accordingly, the Bank in a stock market filing said, it will issue 10 million unsecured subordinated redeemable debentures of the par value of Rs. 100 each.
The Bank will issue another 10 million shares in the event of an over-subscription.
The Bank has already submitted an application to the SEC seeking approval for the said private placement.
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