CONFORMED COPY


                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549


                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1933



                           For the month of July 2005




                                BANCOLOMBIA S.A.
                 -----------------------------------------------
                 (Translation of Registrant's name into English)


                               Calle 50 No. 51-66
                               MEDELLIN, COLOMBIA
                    ----------------------------------------
                    (Address of principal executive offices)




(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)

                  Form 20-F [X]                  Form 40-F [ ]


(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)


                     Yes  [ ]                       No [X]
                  

(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-             .)
                                      -------------










This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
















                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                    BANCOLOMBIA S.A.
                                    (Registrant)




Date: July 28, 2005                 By /s/ JAIME ALBERTO VELASQUEZ B.
                                       ----------------------------------
                                       Name:  Jaime Alberto Velasquez B.
                                       Title: Vice President of Finance




                    INCREASE IN THE AUTHORIZED CAPITAL STOCK

A partial amendment to the By-laws of Bancolombia, which increases the
authorized capital stock of the Bank, was published in the Commercial Register
of the Chamber of Commerce of Medellin, in accordance with the approval issued
by the General Meeting of Shareholders of BANCOLOMBIA in its meeting of March
28, 2005.

This amendment increases the authorized capital stock of the Bank from COP
335,000,000,000 to COP 500,000,000,000, and article 7 of the Bank's By-laws is
amended accordingly.