NDB says strategic party evaluating investing

National Development Bank (NDB) said yesterday that a strategic investor was evaluating investing in the unsubscribed shares of its recent Rights Issue.

“A strategic investor is in the process of carrying out a detailed evaluation of NDB as well as the current market conditions,” the bank said. This is with a view to investing in unsubscribed shares arising from the Rights Issue of NDB. “As such, such shares may be allotted and listed in due course as previously informed,” NDB said in a filing to the CSE.

NDB’s Rights Issue was one for three (amounting to 59.15 million shares) at Rs. 105 per share with an aim to raise Rs. 6.2 billion. However only 32.854 million shares worth Rs. 3.45 billion was allotted/listed taking into consideration the restrictions placed by the Banking Act.

NDB share closed at Rs. 107.30, down by 30 cents.