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

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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