Sri Lanka’s NDB says strategic investor studying bank, market conditions
ECONOMYNEXT – Sri Lanka’s NDB Bank said a strategic investor was doing a detailed study of the bank and market conditions with the aim of buying unsubscribed shares of its rights issue.
“A strategic investor is in the process of carrying out a detailed evaluation of NDB as well as the current market conditions with a view to investing in unsubscribed shares rising from the rights issue of NDB,” a stock exchange filing said.
NDB Bank’s rights issue aimed to raise over six billion rupees but only 60 percent was subscribed, prompting the bank to search for a strategic investor.
NDB Bank raised 3.8 billion rupees through the rights issue last month.
(COLOMBO, 29 November 2018)