Sampath Bank is to undertake a rights issue of 50,128,208 ordinary voting shares, the Bank said yesterday in a stock exchange filing.
Shares will be issued on the basis of 3 new shares for every 13 existing shares at a price of Rs. 250 per share. The current stated capital of the company is Rs. 16,307,721,909.
The purpose of the rights issue is to increase the Tier 1 capital of the Bank to comply with Basel III requirements.
The rights issue is subject to the Colombo Stock Exchange approving in principle, the issue and the listing of shares and obtaining shareholder approval at a General Meeting, the Bank said.
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