Nation Lanka finance to issue Rs502mn right issue

June 26, 2015 (LBO) – Sri Lanka’s Nation Lanka finance, a finance company to issue 502 million right issue to existing shareholders to strengthen the core capital of the company.

The company will issue 502,326,522 shares in a proportion of two shares for every one share held, the company said in a stock filing.
A share will be issued at a price of 1 rupee per share.

The group has reported a loss of 428,6550,000 rupees for the 12 months ended March 2015 from a profit of 41,956,000 rupees reported in 2014, the interim report showed.

The group’s amount due to customers was increased to 5,605,767,000 rupees in the March 2015 from 3,806,042,000 rupees in the corresponding period last year.

The total equity of the company was declined to 144,200,000 rupees in the March 2015 from 275,529,000 rupees in the same period in 2014.

The company is a licensed finance company by Central Bank of Sri Lanka.