NTB to raise Rs. 3.2 b via rights issue of convertible non-voting shares

Nations Trust Bank (NTB) has decided to raise Rs. 3.2 billion via a 4:23 rights issue at a price of Rs. 80 per share by issuing 40 million convertible non-voting shares. 

The proceeds of the issue are to be utilised to increase the Tier I capital of NTB to comply with Basel III requirements.  The current stated capital of NTB is Rs. 5.1 billion, represented by 230.6 million shares. If fully subscribed, it will increase to Rs. 8.3 billion, represented by 230.6 million voting shares and 40.1 million convertible non-voting shares. 

The issue is subject to shareholder and CSE approvals.