June 27, 2016 (LBO) – The directors of Abans Finance has decided to raise 277 million rupees for the company by way of a private placement of ordinary voting shares.
Subject to necessary approvals, the proposed investor, Ironwood Investment Holding (Pvt.) Ltd will purchase 11,067,978 fully paid ordinary voting shares of the company at a price of 25 rupees per share for an aggregate value of 276,699,450 rupees.
Abans Finance said the proceeds will be utilized to meet the future capital adequacy requirements of the company and for its future investment and lending activities.
Current stated capital of the company is 567,373,630 rupees comprising of 44,400,000 ordinary voting shares.