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Sri Lanka’s HNB non-voting stock undersubscribed

ECONOMYNEXT – A cash call by Sri Lanka’s Hatton National Bank which has left 4.4 million shares undersubscribed, is being offered to potential investors ‘acceptable to the Board."

HNB offered 56 million voting shares at 220 rupees to rise 12.3 billion rupees and 14.09 million non-voting shares at 190 rupees to raise 1.8 billion rupees and boost its capital.

Voting stock, drew applications for 58.4 million shares but non-voting drew only 9.2 million orders, with another 300,000 requested through a ‘letter of intimation’ the bank said in a stock exchange filing.

The bank had allotted the stock. It says parties acceptable to the board may apply for additional shares through letters of intimation until August 24.

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