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| Sunday, 24 August 2003 |
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| News Business Features Editorial
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Over 3500 applications for Seylan Bank share issue Seylan Bank's Non-Voting Ordinary Share Issue for 20 million shares with an option to issue a further 20 million if the issue is oversubscribed, reached the desired levels of investment on the opening day, August 14. The issue price of a Non-Voting Ordinary Share was Rs. 25 (par value being Rs. 10 and premium Rs. 15 per share) The number of applications received exceeded 3500, totalling an investment of over Rs. 1.7 billion, showing an endorsement of the confidence placed by investors in the bank. As the announcement of oversubscription was made on August 15, the issue was kept open till 4.30 p.m. the same day to comply with the rules, governing the issue. An initial sorting of the applications reveal that the issue had attracted a broad segment of investors. The basis of allotment was to be decided by August 22 on an equitable basis in the interest of all applicants. Funds mobilised would go towards expansion of the capital base of the bank and facilitate future expansion and match the long-term funding requirements of the bank. |
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