Dec 01, Colombo: The board of directors of Seylan Bank PLC informed the Colombo Stock Exchange (CSE) on Thursday that the Bank will proceed with a public issue of 10 million Unsecured Subordinated Redeemable Debentures at a par value of Rs. 100 each aggregating to one billion rupees.

The Seylan Bank will opt to issue a further ten million of the five-year debentures in the event of an oversubscription.

Whilst three interest options - fixed interest payable annually, monthly and floating interest payable annually - have been proposed, the interest rates will be decided and announced prior to the opening of the issue by the board.

The Board also approved that an application to list the debentures will be made to the CSE and accordingly an application will be submitted to the CSE.