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Tuesday, January 18, 2011

Sri Lanka’s Union Bank to raise 1.1 bln from IPO

The Union Bank of Colombo Ltd is to raise Rs 1.1 billion through its planned IPO (Initial Public Offering) next month which follows a successful rights issue and a private placement.

“The bank hopes to raise Rs 1.1 billion through the IPO which will further facilitate the expansion of its operations and increase lending capacity while enhancing new product development. The funding will also enable the bank to maintain a greater visibility in a highly competitive market,” it said in a statement

The 15-year old bank’s recently announced rights issue was oversubscribed by four times while the private placement was oversubscribed by three times.

Anil Amarasuriya, Director / CEO of Union Bank, said that a novel method of combined book building and a tender process was adopted in the private placement, ensuring wider scope for investor confidence.

“We hope to make this anniversary (15th) year a special one aimed at making great strides in the banking world,” noted Mr. Amarasuriya. (ENDS)

source - http://www.sundaytimes.lk/news/4105--sri-lankas-union-bank-to-raise-11-bln-from-ipo