Sampath Bank PLC said on Friday it has successfully raised Rs. 12.1 billion via its Rights Issue, including the placement of unsubscribed shares to select long-term investors.
The Rights Issue involved 89 million shares (around 31% additional stake) on the basis of seven new shares for 23 existing shares at Rs. 136 each.
The number of shares allotted to shareholders and to be listed pursuant to the Rights Issue was 63.538 million shares, suggesting that 25.46 million shares worth Rs. 3.4 billion remain unsubscribed.
In a filing to the Colombo Stock Exchange on Friday, Sampath Bank said that the allotments amounting to 25.46 million shares were made to investors sourced by the Board and by the fulfilment of all of the pending allocations to shareholders to whom it had previously not been able to allot their full entitlement of Rights as a result of the under-subscription that remained at the close of the Rights Issue.
The Bank also said that the all allotments have been determined in compliance with the provisions of the Banking Act and the resolution passed by the shareholders at the EGM held in May.
Funds raised from the Rights Issue will be utilised to improve Common Equity Tier 1 capital of the Bank under the Basel III regulations.
Prior to the Rights Issue the five largest shareholders of Sampath Bank were Vallibel One PLC (remaining the largest shareholder with 14.95%) followed by Ishara Silva (9.98%), EPF (9.97%), Matthews International Funds - Matthews Asia Growth Fund (5/74%) and Rosewood Ltd. (4.2%).