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Friday, June 24, 2011

CIFL to raise Rs.400 mn through IPO

By Jithendra Antonio

Central Industries and Finance Ltd (CIFL) in a filling to the stock exchange yesterday said that the company is to offer 40 million ordinary voting shares of the company at Rs.10 per share .

The filling further said that the company is intending to raise Rs.400 million from the Initial Public Offering (IPO) that is to be launched on July 21. It also said that the issue is managed by Kenanga Investment Corporation Ltd, a unit of Seylan Merchant Bank group.

With a small beginning back in 1966, CIFL entered the Sri Lankan market as a family business. Registered with the Central Bank of Sri Lanka with a deposit base which now stands at a sizeable Rs 1.6 billion, CIFL has achieved the milestone of becoming a Billion Rupee company. With a legacy of 44 years, CIFL now functions independently as an investment company with branches in Kandy, Jaffna and Galle and Service Centers in Thalawakele,Anuradhapura and Mahiyanganaya. The financials of the company for the year 2010 outlines that it has Rs.2.2 billion worth assets and Rs.1.7 billion public deposits.

source - www.dailymirror.lk