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.”