Amãna Bank Plc said IB Growth Fund (Labuan) LLP, a subsidiary of the Islamic Corporation for the Development of the Private Sector, will invest in a rights issue.

Subject to regulatory and shareholder approval, the Sri Lankan bank plans to issue 1,250,695,267 new shares at 3.80 Sri Lankan rupees per share for every one ordinary share held, it said May 29. The Islamic Corporation is a unit of the Islamic Development Bank, which owns a 9.62% stake in Amana Bank.

Full subscription to the issue would see Amana Bank's core capital exceed 10 billion rupees, which meets the regulatory capital requirement set for 2018.

As of May 29, US$1 was equivalent to 152.79 Sri Lankan rupees.