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Sri Lanka’s Commercial Bank to raise Rs10bn from share sale to IFC

ECONOMYNEXT – Sri Lanka’s Commercial Bank of Ceylon said it wants to raise 10 billion rupees in capital from the sale of up to 125 million voting shares at 80 rupees to Washington-based International Finance Corporation.

IFC would invest up to million US dollars at the prevailing exchange rate to buy up to 37.5 million shares at 80 rupees a share.

IFC Financial Institutions Growth Fund (IFC FIG) will invest 17.5 million US dollars to buy up to 43.75 million shares.

IFC Emerging Asia Fund will invest 17.5 million dollars to buy up to 43.75 million share at 80 rupees.

The placement with IFC is subject to approval by shareholders and stock exchange.

IFC has also received a 50 million US dollar loan from IFC for Coroanvirus related lending. (Colombo/July01/2020)