Raising Funds

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

May 06, 2011 (LBO) – Sri Lanka’s Hatton National Bank said it plans to raise at least 15.07 billion rupees through a rights issue and private placement to strengthen its capital and balance sheet and to support growth. It intends to raise 10.5 billion rupees from the rights issue of one share for every six held by issuing 47.9 million voting shares at 219.50 rupees each, a stock exchange filing said.

The bank aims to raise almost 1.4 billion rupees more by issuing 11.69 million non-voting shares at 119.50 rupees each.

HNB also aims to raise at least 3.17 billion rupees from the private placement of 13.5 million shares at a price not less than 235 rupees a share.

The private placement will be offered to local and foreign institutional investors who offer the highest price. They will not be entitled to any rights shares.