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Friday, January 28, 2011

The Finance Co. Rs. 1.6bn share issue attracts Rs. 1.03bn on day 4

The Finance Company’s Rs. 1.6 billion share issue has so far attracted bids amounting to Rs. 1,028.06 million, a stock exchange filing said yesterday (27).

The share issue which opened last Friday (21) was for 40 million ordinary shares at Rs. 40 each.

By the fourth day (26) the issue attracted applications for 25,701,600 shares amounting to Rs 1,028,064,000. The applications were made up by 2 bank guarantees and 1,831 bank cheques and drafts, managers of the issue Merchant Bank of Sri Lanka told the Colombo Stock Exchange yesterday (27).

Incorporated 70 years ago, The Finance Company (TFC) is the country’s oldest non-bank financial institution.

The IPO does not seem to be enjoying the same kind of investor enthusiasm enjoyed by the majority of IPOs in the recent past which were oversubscribed within the first day with bank guarantees backing up application for entire issues.

source - www.island.lk