Seylan Bank PLC closed its Rights Issue of new ordinary voting shares and new ordinary non-voting shares to its shareholders on November 29 and the issue was fully subscribed by its shareholders.
The Bank embarked on the Rights Issue to increase the Tier 1 capital of the Bank to meet the capital adequacy requirements under BASELL III. The Bank raised a total of Rs. 4,389 million from the rights issue of ordinary voting shares and ordinary non-voting shares.
Ravi Dias, Chairman of Seylan Bank said, “The full subscription to our rights issue is a testament to the trust that our shareholders continue to place in us, demonstrating the strength of the business and the confidence in our ability to continuously deliver value to them”.
Seylan Bank offered 62,869,468 ordinary voting shares at an issue price of Rs 45.25 per share and 63,036,478 ordinary non-voting shares at an issue price of Rs. 24.50 per share to the respective registered holders of those shares both based on the ratio of one share for every three shares held in the company as at end of trading on 4th November 2019.
Kapila Ariyaratne, General Manager/CEO of the Bank added, “We are very grateful for this overwhelming vote of confidence by the shareholders which will further motivate the entire Selyan Team to work harder at fulfilling the aspirations of all our stakeholders.”
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