The Sanasa Development Bank has received Rs. 510.65 million from International Finance Corporation (IFC) by way of a private placement.
This is to be used for the proposed fund raising of the Bank. Further to the announcement made by Sanasa Development Bank on the Trading Floor of the Colombo Stock Exchange on December 16, 2016 in relation to the Proposed Fund Raising contemplated by the Bank, the Subscription Agreement between International Finance Corporation (IFC) and the Bank for the issue of 3,647,500 Ordinary Voting Shares of the Bank by way of a Private Placement at Rs 140 per share amounting to a total investment of Rs 510,650,000 was executed on February 17,2017.
The Issue of the said shares is subject to obtaining shareholder approval at a General Meeting. The investment by IFC does not require approval under the Monetary Board of the Central Bank of Sri Lanka (CBSL) as It is within the permissible single shareholder limit stipulated for Licensed Specialised Banks.
However, the CBSL via its letter dated October 20, 2016 has granted a “No Objection” for the investment by IFC, the bank said in a Stock market filing.
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