LOLC now owns 15% of SANASA Development Bank

Tuesday, 24 August 2021 02:55 - - {{hitsCtrl.values.hits}}

Rs. 4.5 b SPO draws applications worth only Rs. 3.7 b

LOLC Group now owns 15% stake in SANASA Development Bank (SDB bank) following the conclusion of the bank’s Secondary Public Offering (SPO).

SDB Bank said that when the issue closed last week, the SPO had drawn applications worth Rs. 3.69 billion, short of the desired Rs. 4.5 billion aimed at.

The SPO received 111 applications requesting for 71.76 million shares.

It said Iconic Property Twenty Three Ltd., a fully owned subsidiary of LOLC Investments, has been allocated 24.1 million shares or 15%.

The Netherlands fund FMO has got 17.6 million shares of 11%. Furthermore, Ayenka Holdings Ltd. has got 11% (as at June 2021 Ayenka held 15% stake) and the Belgian Investment Company for Developing Countries (BIO) 10%, as previously announced.

SDB offer 68 million shares at Rs. 51.50 each (Rs. 3.5 billion) and in the event of an oversubscription of the initial issue it would make available a further 20 million shares at the same price (Rs. 1.03 billion).

Proceeds from the SPO would be used to further strengthen the equity base of the bank and thereby improve the capital adequacy ratios in line with BASEL III guidelines of the Central Bank and to part finance the growth in the loan portfolio envisaged during FY21 to FY22.

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