Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Saturday, July 16, 2011

Nanda Investments to trade next Wednesday

By Jithendra Antonio

Another registered finance company, Nanda Investments and Finance Ltd (NIFL) will be permitted to start trading on stock exchange from next Wednesday.

In a filing Colombo Stock Exchange (CSE) said that the assigned security code is NIFL and 100,716,730 voting shares of the company will be listed as an Introduction, and will commence trading from 20 July 2011.

The financials outline that in December 2010, NIFL had issued 6,070,500 ordinary voting shares to raise Rs. 80,344,750 by means of a private placement targeting both the existing shareholders and potential new investors. With the new share issue, the stated share capital of NIFL has reached Rs. 125,857,930 from Rs.45,513,180.

According to NIFL’s introductory document released to CSE, during the period 20 November 2009 to 27 December 2010, the company has completed 6 private placements prior to a share split. In the last private placement, the company had offered 3,049,000 shares at Rs.10 per share to Chairman Anuras Mallawarachchi and related parties whilst another 3,021,500 million shares had been offered to Dinal Wijemanne at Rs.16.50 per share.

The Company had then sub-divided one existing issued and fully paid ordinary voting share into 10 ordinary voting shares on March 31, 2011, resulting in the existing 10,071,673 issued and fully paid ordinary voting shares of the Company being increased to 100,716,730 ordinary voting shares without affecting the Stated Capital of the Company. Subsequently, as per share capital, the value of a share now stands at Rs.1.25 whilst the reference price for introduction of NIFL’s share is yet to be announced to CSE.

After the subdivision, the largest shareholders of Nanda Investment are Dinal Wijemanne with a 30% stake (with 30.215 million shares), Chairman of NIFL, L. A. Mallawarachchi with a 16.9% stake (17 million shares) and Nanda Motors (Pvt) Limited with a 14.6% stake (14.75 million shares).

As at 28 February 201, the1 Company’s interest income is Rs.43 million and net profit Rs.17.39 million. Company’s Earnings Per Share (EPS) is valued at 37 cents and Net Asset Per Share is valued at Rs.4.53. The Company has a public deposits portfolio worth Rs.35.5 million as at 28 February 2011.

source - www.dailymirror.lk