HNB on Rights Issue and private placement

Hatton National Bank PLC (HNB) will go for a Rights Issue and a private placement, a CSE filing said yesterday.

The purpose of these share issues is to strengthen the capital base/balance sheet of the bank and to support the overall business growth of the Bank.

HNB will issue 59,589,892 ordinary shares by way of Rights Issue. This will comprise 47,900,033 voting shares and balance will be non-voting shares.

The voting share will be price at Rs 219.50 while non-voting share will be Rs 119.50.

The Bank will also issue 13,500,000 new ordinary shares (voting) by way of a private placement. This private placement will be offered to both foreign and local institutional investors.

The shares will be issued to the investors who offer the highest price. These investors also will not entitled to any rights shares, it further said.