Pan Asia Banking Corp. Plc received approval from shareholders to issue rights shares.
The bank plans to issue 147,520,543 shares by way of a rights offering, according to a Jan. 31 release. The shares will be issued at a ratio of one share for every two shares held.
The lender said the same day that the Central Bank of Sri Lanka granted the bank a three-month extension to raise its interim capital to 7.5 billion rupees from Jan. 1 to March 31.
As of Feb. 1, US$1 was equivalent to 150.59 Sri Lankan rupees.