According to the Mahavamsa, the pillar was erected during the reign of King Devanampiyatissa (Reigned from 307 BC to 267 BC), following the guidance of Mihindu Maha Thero. When the king offered the Mahamevnawa Uyana to the Buddhist Sangha, Mihindu Thero walked through the area and identified locations where important religious buildings and facilities would eventually be established. When they reached this particular location, Mihindu Thero told the king that the site had been visited by four Buddhas and that, in the future, a great stupa would be built there to enshrine a large portion of the Buddha's relics. He also stated that the future stupa would be approximately 120 cubits in height and would be known as Hemamali.
Inspired by this prophecy, King Devanampiyatissa expressed his wish to construct the stupa himself. However, Mihindu Thero explained that the king had many other important responsibilities to fulfil and that the great stupa would instead be built by one of his descendants.
Mihindu Thero then described the royal lineage through which the prophecy would eventually be fulfilled. He foretold that a descendant of the king's family would eventually become the great ruler Dutugemunu (Reigned from 161 BC to 137 BC), who would possess the strength, courage, and power necessary to construct the magnificent stupa at this very location. According to the Mahavamsa, this prophecy was eventually fulfilled when King Dutugemunu built the Ruwanweli Maha Seya, making the ancient pillar a fascinating reminder of the connection between Mihindu Thero's prophecy, Devanampiyatissa's reign, and Dutugemunu's great architectural achievement.
