Pan Asia Bank to raise Rs 2 bn via rights issue

Pan Asia Banking Corporation is to raise over Rs 2 billion by way of a rights issue subject to necessary approvals.

The bank is to issue 147,520,543 shares at Rs 14 each in the ratio of one new share for every two existing shares.

The current stated capital of the entity is Rs 1,548,965,702. The proceeds will be utilized to fund bank’s growth plan. (IH) 

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