CDB raises Rs. 718 m via Rights Issue

CDB Chairman R. Renganathan

Citizens Development Business Finance PLC's (CDB) Rights Issue was fully subscribed recently raising Rs. 718,110,435.

This fresh capital infusion will substantially strengthen CDB's balance sheet while permitting the company to add 14 new fully fledged branches.

The capital raised via the Rights Issue will also support CDB's lease and loan book portfolios.

The recently concluded Rights Issue, issued 6,614,175 Ordinary Voting Shares at Rs. 70 per share and raised Rs. 462,992,250 from voting rights and 5,669,293 new Ordinary Non Voting Shares were issued at Rs. 45 per share.