Siyapatha Finance to raise Rs1bn in listed debt

June 29, 2017 (LBO) – Sri Lanka’s Siyapatha Finance is planning to raise as much as one billion rupees from a public offer of debentures which will be quoted on the Colombo Stock Exchange. Siyapatha Finance said in a stock exchange filing that the company wants to sell 10 million listed rated unsecured subordinate redeemable debentures at 100 rupees. The decision to issue 10 million debentures has been taken at a board meeting held on 27 June 2017 subjected to the approval of the Central Bank. Last year, the firm issued its second debenture worth 2.5 billion rupees while in 2014, the company issued one billion rupees worth of debentures. Siyapatha Finance, formerly known as Sampath Leasing & Factoring Limited, a fully owned subsidiary of Sampath Bank, was established on 03rd March 2005 as a specialised leasing company. It is licensed and regulated by the Central Bank to financially service the lower end of the SME and retail customer segment. Over its 12 years in operation, Siyapatha Finance has grown into the largest subsidiary of the bank and in September 2013 the entity was re-branded with the new identity “Siyapatha”.