Jan 19, 2010 (LBO) - Sri Lanka's DFCC Bank and Hatton National Bank will inject a billion rupees in equity to beef up the capital of jointly held investment banking unit Acuity Partners.
DFCC and HNB will each inject 500 million rupees to Acuity.
Acuity Partners got control of Lanka Ventures, a listed venture capital firm on Monday by acquiring a 78.3 percent of the firm previously held by DFCC and HNB for 704 million rupees.
"This transaction is further step in establishing Acuity group has a full-fledged investment bank," DFCC said in a stock exchange filing.
DFCC had sold 29.1 million Lanka Ventures shares or 58 percent of the firm at 18.00 rupees to Acuity in a deal worth 524 million rupees and HNB had sold a 20 percent stake for 180.6 million.
Acuity has made an offer to buyout the minority shareholders of Lanka Ventures at 18.00 rupees under stock exchange rules.
source - www.lbo.lk
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