Seylan Bank Public Share Issue opens today
54,290,000 Ordinary (Voting) Shares on offer:
The Public Share Issue of the Seylan Bank opens today with 54,290,000
Ordinary (Voting) Shares at Rs. 35 per share on offer.Under a separate
Private Placement, the Bank of Ceylon and Sri Lanka Insurance
Corporation have already been allocated 13 million and 19.15 million
Ordinary (Voting) Shares, thus totalling 25 percent of the increased
capital. The National Savings Bank already holds a 3.5 percent stake in
The minimum subscription for the public per application is Rs. 3,500
or 100 shares and in multiples of 50 (Rs. 1,750) thereafter. The total
amount proposed to be raised through the Public Share Issue is Rs. 1.9
The basis of allotment will be decided on by the Board of Directors
of the Bank before the expiry of seven market days from the closure of
the Issue in the event of an oversubscription.
The total capital expected to be generated from the Private Placement
and Public Offering will be Rs. 3.0 Billion.
Chairman of Seylan Bank Eastman Narangoda said the primary reason of
this Share Issue was to strengthen the capital base of the Bank to
facilitate wide ranging future expansion plans that are in the pipeline.