National Development Bank has purchased 8.5% stake in Seylan Bank for Rs. 1.6 billion which many believe was strategic.
NDB said it acquired 14.9 million voting shares on Tuesday. With the purchase NDB stake in Seylan has increased to 9.53%. On Tuesday around 15 million Seylan Bank shares changed hands including 11.7 million shares via crossing at Rs. 106 each.
Sellers included a range of individuals and institutions who had been wanting to exit for sometime but couldn’t due to the absence of a serious buyer.