Finance Stake

Apr 29, 2012 (LBO) – Sri Lanka’s state-run National Savings Bank has bought a 13 percent stake in The Finance Company, a troubled firm that is being bailed out by regulators, at a steep premium above market price. NSB has bought 7.863 million shares of The Finance at 49.74 rupees in an off-market deal 65 percent above Friday’s market price, according to a stock exchange filing by Taprobane Securities.

The seller was not disclosed.

The firm lost 17 million rupees in the December 2011 quarter, steeply down from a 440 million rupee loss a year earlier.

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