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Seylan Bank to issue 5B rupees of debentures

Seylan BankPlc's board approved the issuance of 5 billion Sri Lankan rupees ofrated senior unsecured redeemable debentures.  

The bank will issue 50 million debentures at par value of 100rupees each, with an oversubscription option of 30 million debentures,according to an Oct. 5 press release.

The debentures will have tenors of three and four years,while the interest rate will be decided by the board before the issue isopened.

Seylan Bank plans to list the debentures on the main boardof the Colombo Stock Exchange

As of Oct. 5, US$1 wasequivalent to 146.62 Sri Lankan rupees.