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* IPO of Sri Lanka's Amana Bank fully subscribed
Tue, Dec 24, 2013, 10:49 am SL Time, ColomboPage News Desk, Sri Lanka.

Dec 24, Colombo: The Initial Public Offering of Sri Lanka's first Islamic Bank, Amana Bank, has been fully subscribed, the Board of Directors said.

The bank offered 214.3 million shares at 7.0 rupees and a further 71.5 million shares if the first tranche was fully subscribed. The issue will remain open until 4:30 p.m. Tuesday December 24.

The proceeds from the IPO will be used to meet a 4 billion rupee regulatory minimum capital requirement as required by the Central Bank, according to the official IPO document.

Amana Bank is the first licensed commercial bank in Sri Lanka to conduct its operations in keeping with the principles of Islamic financing.

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