Capital Raising

Jan 31, 2014 (LBO) – Sri Lanka’s Commercial Credit and Finance Plc said it planned to raise 1.6 billion rupees from a US registered company. Creation Investments Sri Lanka LLC, a Delware, USA, registered firm will initially buy 40 million shares at 21 rupees each for 1,008 million rupees, the firm said in a stock exchange filing.

In the second phase to be completed by March 2015 another 32 million shares will be placed with 672 million rupees.

The Board of Directors will seek shareholder approval for the placement. Sri Lanka’s central bank which regulates finance companies and the Securities and Exchange Commission had already approved the deal, the firm said.