Seylan Bank opts for private placement to beef up capital

November 14, 2006 (LBO) - Sri Lanka's Seylan Bank Ltd plans to raise a billion rupees by privately placing two tranches of 500 million rupees worth of debentures, the bank said Tuesday. The funds are required to meet capital adequacy requirements stipulated by the Sri Lanka's Central Bank, Seylan's Assistant Company Secretary, N N Najumudeen said in a statement. These debentures have been rated BBB+(lka) by Fitch Ratings Lanka, and the issue has already been approved by the Securities & Exchange Commission of Sri Lanka, the statement said.