Seylan Bank to raise Rs. 1.9 billion through IPO
Gayan Kanchana
Seylan Bank PLC will launch its public offering of ordinary (Voting)
shares issue on Tuesday September 22.
|
Eastman Narangoda |
Seylan Bank Chairman Eastman Narangoda said, “In this share issue the
total capital expected to be generated will be Rs. 3.0 Billion from the
private placement and public offering. The public will be offered
54,290,000 Ordinary (Voting) Shares as decided on by the Board of
Directors of Seylan Bank at Rs. 35 each.
This issue is primarily aimed at improving the capital adequacy of
the Bank to facilitate future expansion and enhancing the bank’s
capacity of expanding the branch network and business volumes. Recently
we received approval from the Central Bank of Sri Lanka to open four
branches in the North and East. Three branches will be opened in Jaffna
and one in Mannar,” he said.
“Looking at our past three months performance anybody can realize the
progress of the bank. We have improved deposits, portfolio and
confidence of the customers and the public and I invite all existing and
prospective customers to join this truly progressive bank,”he said.
The Private Placement will amount to 32,150,000 new Ordinary (Voting)
Shares of Rs. 35 each of which the Bank of Ceylon will take up 13
million Ordinary (Voting) Shares and Sri Lanka Insurance Corporation the
remaining 19,150,000 Ordinary (Voting) Shares, totalling 24.7 percent of
the increased capital. The National Savings Bank already holds a 3.5
percent stake in Seylan Bank. |
