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| Sunday, 4 August 2002 |
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| News Business Features Editorial
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Seylan Bank debenture issue oversubscribed Seylan Bank's debenture issue, which opened on July 15, has been oversubscribed within 11 working days. A spokesman for the bank said that although the first tranche of the issue for Rs. 300 million had taken eight working days for oversubscription, the second tranche of Rs. 300 million took just three days. The debenture issue offered investors three options - interest annually paid at 15 per cent, interest monthly paid at 14 per cent and a floating rate. The floating rate option offered investors one and a half percentage points over the average of the one year weighted average net yields (after tax) on treasury bills for June. This issue was not listed unlike the previous debenture issues. The spokesman attributed the success of the issue to the equal amount of interest shown by institutional and individual investors as well as to the participation of bank customers. Seylan Bank achieved a profit after tax of Rs. 301 million during the first half of this year, up 219.2 per cent over the previous year's Rs. 94.3 million. |
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| Editorial | Security Produced by Lake House |
