Seed Capital

July 23, 2010 (LBO) – Amana Bank Limited, a start up Sri Lankan firm which had provisional approval from the regulator to become a bank, said it had raised 3.2 billion in capital through a private placement. A tombstone placed in The Daily Mirror newspaper said the firm had raised 3,159 million rupees by selling 631.9 million 5.00 rupee shares.

KPMG Ford, Rhodes, Thornton & Co – Corporate Finance had been the financial advisors and placement agents for the deal.

The bank will start operations after getting a formal banking license from the central bank, the notice said.

A Sri Lankan bank needs at least 2.5 billion rupees in net capital.