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Hatton National Bank (HNB), on Wednesday confirmed obtaining a listing on the Luxembourg Stock Exchange for its Global Depository Receipts (GDR) issue. Hatton National Bank (HNB), on Wednesday confirmed obtaining a listing on the Luxembourg Stock Exchange for its Global Depository Receipts (GDR) issue.

Through this listing HNB will place 1,766,470 GDRs in Luxembourg at an issue price of US$ 5.51 per GDR.

The issue increases the bank’s tier one (Tier I) capital by Rs 971 mn to over Rs 10 bn.

HNB’s Director/Chief Executive Rajendra Theagarajah in a statement said “This completes our capital raising exercise of Rs 2.4 billion initiated during second half of 2004, (Rs 1.43 billion was raised by way of a Rights Issue) and positions HNB as one of Sri Lanka’s best capitalized banks.”

The GDR’s represents 17,664,700 ordinary voting shares or 15 percent of the bank’s equity capital.

The shares have been issued to Deutsche Bank Trust Company Americas as the Depository Bank on behalf of GDR holders and Deutsche Bank AG Colombo will act as custodian for the shares.

Theagarajah also said that the listing will allow the bank to profile H