Pan Asia Bank completes Rs 2Bn rights issue


Mar 08, 2017 (LBO)- Sri Lanka’s Pan Asia Banking Corporation said they were successful in completing a rights issue to raise up to 2.06 billion rupees.

In December 2016 the bank announced the issue of 147.5 million shares at one new share for every two shares held at an issue price of 14 rupees.

The banks was required to increase it core capital to 7.5 billion rupees by 31st March 2017 to adhere to a new Central Bank rule, the company said in a stock exchange filling.

“At present the banks core capital stands at 8.76 billion rupees after a capital infusion.”