PABC to raise Rs. 2 b via Rights

Pan Asia Banking Corporation Plc has announced plans to raise Rs. 2.06 billion via a Rights Issue.

PABC Board at its meeting on Wednesday has resolved to issue 1 new share for every 2 held at Rs. 14 each. The share closed at Rs. 21 yesterday. Net assets per share Rs. 22.16 as at 30 September 2016.

Number of shares to be issue will be 147.52 million and its current stated capital is Rs. 1.548 billion. Funds raised via Rights will be used to support the Bank’s growth plans. Business leader Dhammika Perera owns 29.9% stake in PABC and Japan’s Bansei Securities hold 15% stake.