Seylan Bank to sell Rs two billion debentures early next year
Vishmi Wijeratne
Seylan Bank hopes to sell Rs two billion debenture early next year,
According to Deputy General Manager of Treasury/ chief dealer S.
Palihawadana said that people will be encouraged to invest early next
year as there is a much looked forward tax exemption in the beginning of
next year.
“It was mentioned in the budget 2013 by the Finance Ministry that
listed debentures will be free of withholding tax from January to all
listed debentures, thus it will create more interest in the public
domain,” he said.
Palihawadana said that the bank will sell off the debenture from the
starting amount of Rs. one billion and will progress to Rs two billion
simultaneously. The debenture will be valid for 5 years.
“We are awaiting the approval of the Securities Exchange Commission
to kick off the debenture, however until the approval is gained further
details are under discussion,” he said.
He also said that the bank plans to offer debentures which will pay a
fixed rate of interest annually, monthly and a third type will pay a
floating rate annually. |