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Monday, June 27, 2011

Softlogic Finance in Rs. 535mn rights issue

Lanka Orix Finance to list 2.8bn shares via introduction

Softlogic Finance PLC is planning a 2:5 rights issue of 10.7 million ordinary shares to raise approximately Rs. 535 million to expend its lending activities and fulfil regulatory requirements, it said in a stock exchange filing.

Softlogic finance said the funds raised through the rights issue would also help it satisfy capital adequacy requirements "which have arisen as a result of business expanstion".

It said the rights issue was subject to Central Bank and stock exchange approval and is priced at Rs. 50 per share.

Meanwhile, the Colombo Stock Exchange has approved in principle Lanka Orix Finance Company’s application to list 2.8 billion ordinary voting shares via an introduction.

source - www.island.lk