DFCC Bank plans to raise Rs. 7.6 billion via a Rights Issue a disclosure to Colombo Stock Exchange (CSE) said. This will be used to further boost its Tier 1 Capital to support the Bank’s future business expansion plans.
The Rights Issue is subject to the Colombo Stock Exchange approving in principle the issue and listing of shares and obtaining shareholder approval at an extraordinary general meeting on a date to be advised in due course.
The disclosure said that the issue will be on the basis of two new shares for five held at Rs. 72 each and entails an offering of 106 million shares.
In latest interim results statement DFCC Bank said it consistently maintains capital ratio above the Basel III minimum capital requirements. As at September 30, 2018, the DFCC Group’s Tier 1 capital adequacy ratio stood at 10.722% while the total capital adequacy ratio stood at 16.067%.
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