July 04, 2008 (LBO) – Sri Lanka’s Sampath Bank is re-thinking the price of a rights issue and a share placement after market prices fell below the issue price, the bank said in a stock exchange filing. Sampath shares traded at 97 rupees on Friday. Sampath said the market price of the share dropped below the issue price of its rights issue on May 26.
Sampath was planning to issue 17.2 million shares in the proportion of one for four at 100 rupees a share.
It was also planning to place 14.5 million shares with the International Finance Corporation. It also wanted to issue another firm, ShoreCap, shares to the value of 4.5 million US dollars at 117 rupees a share.