NDB picked up a further 20 per cent stake in NDB Bank, following up on Fridays 37 per cent acquisition.
Mondays buy increases NDBs stake in the commercial banking venture close to 80 per cent.rn
rnMarket sources confirmed that the stake moved at Rs. 31 per share, on par with the price paid by NDB for NDB Bank shares on Friday and included the remaining stakes held by the Janashakthi Group and Gold Quest. rn
rnNDB is expected to make a mandatory offer at an estimated Rs. 31, the highest price paid today in the Colombo Stock Exchange (CSE) to acquire the remaining 20 per cent stake. rn
rnThe move has been on the cards since earlier this year, when the Central bank reversed an earlier decision to limit NDBs stake in the commercial banking venture to 25 per cent, increasing it to 51 percent. rn
rnThe approval was meant as an interim measure allowing NDB to lay the groundwork to merge with the commercial banking operation, until parliamentary approval was available.rn
rnThe approval was also on c