DFCC Bank to raise Rs. 6 b via Rights; announces scrip dividend

Friday, 18 February 2022 00:30 - - {{hitsCtrl.values.hits}}

DFCC Bank PLC is to raise Rs. 6 billion to boost capital via a Rights Issue and has announced a first and final dividend of Rs. 3 per share in the form of a scrip dividend.

The basis will be 12 new shares for every 37 held at Rs. 55 per share. It will entail issuance of 109.247 million shares. The proportion would be post allotment of shares in respect of the scrip dividend of 1 for 19.633 announced yesterday.

At present the stated capital of DFCC is Rs. 8.6 billion. This will increase by Rs. 961.56 million following the allotment of the scrip dividend announced. DFCC share price closed at Rs. 61.10, up by 3.7% or Rs. 2.20. Net asset value per share as at 30 September 2021 was Rs. 157.33.

DFCC said the objective of the Rights issue is to increase the Tier 1 capital of the bank to accommodate and support the bank's future business expansion plans.

Major shareholders of DFCC Bank are HNB (15%), BOC (12.5%), M.A. Yaseen (10%), SLIC (9%), AEPF (8%), Melstacorp (7.3%), and Seafeld International (5.8%). Public float is 62.5% held by 10,955 shareholders.