Capital Alliance Finance to raise Rs116mn through rights issue

Capital-Alliance-Finance

Oct 13, 2015 (LBO) – Sri Lanka’s finance firm, Capital Alliance Finance is to raise 116 million rupees by way of a rights issue, the company said in a stock exchange filing.

Subject to the necessary approvals, the company is to issue 7.75 million shares at 15 rupees each in the ratio of one for every five shares.

The proceeds will be utilized to increase the working capital in compliance with the Minimum Core Capital Direction No. 01 of 2011 of the Central Bank, the company said.

The stock last traded at 15 rupees on the Colombo Stock Exchange and the firm is a subsidiary of Cargills Bank.