Rights Issue

Aug 02, 2010 (LBO) – People’s Leasing Finance Company wants to raise 568 million rupees via a one-to-one rights issue to meet capital adequacy requirements, a stock exchange filing said.

The 22.7 million rights issue will be priced at 25 rupees per share, to raise 568 million rupees to boost the firm’s core capital.

“The rights issue is proposed by the board of the company to be in compliance with the capital adequacy requirements as laid down by the central bank,” the stock exchange filing said.

The company at present has a stated capital of 252 million rupees.

People’s Leasing Finance is a unit of People’s Leasing Company, which belongs to People’s Bank, a state-owned commercial bank.