The Seylan Bank PLC announced to the Colombo Stock Exchange that the Board of Directors of the Seylan Bank PLC Decided to raise a total sum of Rs.4.691 Billion [Rs.4,691,533,285.00] by the way of rights.
43,333,333 Ordinary voting shares to be issue in the ratio of 1 new share for every 3 shares held. The rights issue at the price of Rs.75.00 per share each.
41,186,666 Ordinary nonvoting shares to be issue in the ratio of 1 new share for every 3 shares held. The rights issue at the price of Rs.35.00 per share each.
The current stated capital of the bank as at the date is Rs. 5,567,820,324.00.
Objectives of Rights
The Primary objective of the Rights is to increase the tier 1 capital of the bank to mobilized long term funds to match long term lending.
And facilitate future restructuring and expansion programme of the bank.
Subjective of Rights
The Above rights are subjective to the following approvals,
- The approvals of the Colombo Stock Exchange.
- Approvals of the ordinary voting and nonvoting shareholder at the extraordinary general meeting.