SLIC, BoC to invest Rs. 1.1 b for Seylan’s 24.7% stake

Public offering worth Rs. 1.9 b announced giving preference to existing shareholders

Seylan Bank as part of its recapitalisation programme initiated by the Central Bank, has raised Rs. 1.1 billion via a private placement with state owned giants Sri Lanka Insurance Corporation (SLIC) and Bank of Ceylon (BoC).
Seylan said SLIC bought 19.15 million shares and BoC acquired 13 million shares at Rs. 35 each. The shares amounted to 24.7% of the increased capital.
The private placement was as per directions by the Monetary Board to restructure and recapitalise Seylan Bank which faced problems as a result of the fraud and bankruptcy of Ceylinco Consolidated’s Golden Key Credit Card Company.

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