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SDB Secondary Public Offering To Issue 88 Million New Shares
Posted 7,April

By Chaveendra Dunuwille

In Local News

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Sanasa Development Bank has a current stated capital of LKR 7.77 billion that represents 91,576,032 ordinary voting shares with a market capitalization of LKR 5.14 billion. 2019 only managed to record earnings of LKR 4.50 per share back in 2019 while this value was surpassed in 2020 with earnings of LKR 11.02 per share.
With the plan to promote growth in the bank by increasing its capital adequacy ratios and add new loan schemes to the banks growing loan portfolio the bank plans to announce up to 88 million new ordinary voting shares through a secondary public offering.
The bank through the SPO plans to invite the subscription of an initial 68 million new ordinary voting shares of the bank. If an oversubscription is the case the bank plans to introduce an additional 20 million new shares bringing the total up to 88 million.
Bank is stated to announce the issue 3 market days prior to their extraordinary general meeting where in which the banks hopes to gain the approval from its shareholders.