NDB rights create much investor interest

The rights issue shares of National Development Bank PLC appear to have created much investor interest, with over 22 million rights being traded on the market since the date of commencement of trading (April 27).

Little over 17.1 million NDB rights were traded yesterday between Rs.1.60 and Rs.2.10 and closed at Rs.1.60, up by 30 cents or 23.08 percent from the previous close.

Last day of acceptance and payment of rights is scheduled for May 5.

Under the right issue, NDB is proposing to issue up to 106.7 million new ordinary voting shares at Rs.75 each and a private placement of up to 37.6 million shares priced at Rs.82.5 each, which involves Norfud.