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 Seylan Bank.

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 Bn.

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.