Sri Lanka’s Commercial Bank of Ceylon Rights Issue

Sri Lanka’s Commercial Bank of Ceylon is planning to raise 9.7 billion rupees (equiv. $88 dollars) by way of a rights issue. It says that the purpose of the rights issue is to raise funds for business expansion.

The rights issues will be followed by a stock split to lower the share price and increase the number of shares in circulation. It plans to release 50.9 million new ordinary voting shares.

Terms of the rights issue:

  • Rights entitlement: 1 new share for every 7 shares held
  • Call price: 181.65 rupees

The following Stock split will be at a 2 for 1 ratio to double the number of shares in circulation.

$1 is around 110 Sri Lanka Rupees (24/05/11)

Stock Information

Commercial Bank of Ceylon Ltd. (Public, COL:COMB)

Company website: www.combank.net

 

 

  1 comment for “Sri Lanka’s Commercial Bank of Ceylon Rights Issue

  1. SHP
    May 24, 2011 at 5:59 pm

    Commercial Bank of Ceylon has reported excellent gains in the 2nd quarter with profits increasing by 30-35%.

    Commercial Bank is the leading lender in Sri Lanka.

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