Notes to the Consolidated Financial Statements - Seylan Bank

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332 North Bound > Seylan Bank Annual Report 2011 Notes to the Consolidated Financial Statements BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 38. Stated Capital Ordinary Shares - Voting (Note 38.1) 6,711,000 3,461,000 6,711,000 3,461,000 Ordinary Shares - Non-Voting (Note 38.2) 2,677,133 1,235,600 2,677,133 1,235,600 Preference Shares - Redeemable, Non-Cumulative, Non-Convertible and Non-Voting (Note 38.3) 33,901 33,901 33,901 33,901 Share Premium (Note 38.4) 837,319 837,319 837,319 837,319 10,259,353 5,567,820 10,259,353 5,567,820 38.1 Ordinary Shares - Voting Balance as at January 3,461,000 3,461,000 3,461,000 3,461,000 Issued during the Year - 43,333,333 Ordinary Shares of Rs. 75/- each 3,250,000 – 3,250,000 - 173,333,333 Ordinary Shares - Voting (43,560,000 shares of Rs. 10/- each, 86,440,000 shares of Rs. 35/- each and 43,333,333 shares of 75/- each) 6,711,000 3,461,000 6,711,000 3,461,000 38.2 Ordinary Shares - Non-Voting Balance as at January 1,235,600 1,235,600 1,235,600 1,235,600 Issued during the Year - 41,186,666 Ordinary Shares of Rs. 35/- each 1,441,533 – 1,441,533 – 164,746,666 Ordinary Shares - Non-Voting (123,560,000 shares of Rs. 10/- each and 41,186,666 shares of Rs. 35/- each) 2,677,133 1,235,600 2,677,133 1,235,600 38.3 Preference Shares Balance as at January - 3,390,100 Preference Shares of Rs. 10/- each 33,901 33,901 33,901 33,901 3,390,100 Preference Shares 33,901 33,901 33,901 33,901 38.4 Movement in Share Premium Balance as at 01st January 837,319 837,319 837,319 837,319 Balance as at 31st December 837,319 837,319 837,319 837,319 The Seylan Bank PLC made a Rights Issue (Ordinary Voting and Non-Voting Shares) in June 2011 and a sum of Rs. 4,691,533,285 was raised. Board of Directors has decided to redeem the entirety of 3,390,100 number of Preference Shares at Rs. 12.50 per share on 13.02.2012.
North Bound > Seylan Bank Annual Report 2011 333 BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 39. Statutory Reserve Fund Balance as at 01st January 568,368 506,919 568,368 506,919 Add: Transferred during the Year ** 50,133 61,449 50,133 61,449 Adjustment on Deconsolidation – – – – Balance as at 31st December 618,501 568,368 618,501 568,368 ** 5% of Net Profit after Tax. Statutory Reserve Fund represents the statutory requirement in terms of the Section 20 (1) and (2) of the Banking Act No. 30 of 1988. BANK GROUP 2011 2010 2011 2010 Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’000 40. reserves Capital Reserve (Note 40.1) 418,021 418,021 673,234 418,021 Revaluation Reserve (Note 40.2) 461,998 460,123 820,877 818,777 General Reserve (Note 40.3) 33,787 33,787 33,787 33,787 Capital Redemption Reserve Fund (Note 40.4) – – – 255,213 Special Risk Reserve (Note 40.5) 98,741 79,769 98,741 79,769 Investment Fund Reserve (Note 40.6) 272,986 – 272,986 – Retained Profits 5,376,138 4,969,137 5,170,087 4,759,940 6,661,671 5,960,837 7,069,712 6,365,507 40.1 Movement in Capital Reserve Balance as at 01st January 418,021 418,021 418,021 418,021 Add: Transferred from Capital Redemption Reserve Fund – – 255,213 – Balance as at 31st December 418,021 418,021 673,234 418,021 Bank - Consists of the Debenture Redemption Reserve Fund of Rs. 400 Mn. transferred to Capital Reserve in 2004. Debenture Redemption Reserve Fund was created for the redemption of five-year Debentures amounting to Rs. 400 Mn. issued in November 1999. Balance consisting of Rs. 18 Mn. transferred to Capital Reserve in 1991. Seylan Developments PLC - Capital Redemption Reserve Fund which was created at the time of redeeming the Preference Shares of Seylan Developments PLC was transferred to Capital Reserve in year 2011.
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Notes to the Consolidated Financial Statements - Seylan Bank

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