Nations Trust Bank PLC (NTB) announced that the recently concluded conversion of "2010 Warrants" issued by the bank was an overwhelming success. It said 41, 928,668 shares were on offer for conversion and the issue was oversubscribed by 12,076,786 shares with warrant holders applying for 54,005,454 shares.
In February 2008, NTB issued two types of share warrants attached to its rights issue of shares. These warrants were to be converted into shares in 2010 and 2011 respectively. The exercise price for 2010 Warrants was Rs.30/- per share.
Accordingly, holders of warrants were entitled to purchase one share each for every warrant held by them for a price of Rs.30. This being an issue of warrants that took place prior to the coming into operation of the new Listing Rules of the Colombo Stock Exchange, warrant holders were also entitled to apply for additional shares as per the terms of the issue.
The warrants were being traded in the Colombo Stock Exchange until the end of trading on the "Cut off date" which was February 22, 2010. 2011 warrants continue to be traded in the CSE and will be eligible for conversion on 22 February 2011.
Rs. 1,257,860,040/- was raised by the Bank through the 2010 warrant conversion, while 20,963,943 warrants are on offer for conversion to shares in February 2011 at an exercise price of Rs 35/- per share.
Nations Trust Bank PLC holds the franchise for issuing and acquiring American Express Credit Cards in Sri Lanka.
Nations Trust Bank PLC pioneered the 365-day banking , extended banking hours and Bank-At-Your-Doorstep proposition as part of its strategy to dominate the industry by differentiating itself through customer service. The bank has incorporated this into its vision and mission and has aligned its products, processes delivery channels and people towards maximising customer convenience, in order to make life simpler for its customers.
The bank has 39 branches and six personal banking centres. It has already opened branches in Vavuniya and Batticaloa as part of its North and East expansion strategy, and plans to open its Jaffna branch in the second quarter of this year.
John Keells Holdings PLC and Central Finance Company PLC are the promoters of NTB who together with their subsidiaries hold 49.9 % of the bank’s issued shares.