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Economy

Bancolombia begins public offering in NY, at $60 per share

by Adriaan Alsema February 2, 2012
1.4k

Bancolombia

Colombia’s top bank Bancolombia SA announced Wednesday the begin of a public offering for 4.5 million American Depositary Shares, at a price tag of $60.

The Medellin-based lender said the share offering, equal to about $270 million, is expected to close Feb. 6.

The shares offered in New York are those leftover from a local offering of 64 million shares on the Colombian Stock Exchange that were priced at 26,000 pesos. It concluded that sale last week, selling about 44 million shares, or 68% of the offer.

Bancolombia’s shares in New York were recently trading at $60.59, down 2.32% from Tuesday.

The bank said last month the proceeds from the offering will go toward “general corporate purposes of BanColombia, including lending and financing [for] its clients, as well as to consolidate the capital adequacy that will allow the business growth according with international standards.”

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Colombia News | Colombia Reports
  • News
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    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
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    • Cartagena
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    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
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