Singer Finance Lanka to raise capital adequacy with rights issue

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Sep 12, 2017 (LBO) – Sri Lanka’s Singer Finance is to raise 551 million rupees by way of a rights issue, the company said in a stock exchange filing.

Subject to exchange and shareholder approval, the company is to issue 36,740,741 ordinary voting shares at 15 rupees each in the ratio of two new shares for every nine shares held.

The proceeds will be utilized to further expand the equity base of the company and improve capital adequacy. Proceeds will also be utilized to part finance the growth in the loan portfolio of the company.

The company has obtained Central Bank approval for the rights issue. The current stated capital of the company is 1,445,333,342 rupees represented by 165,333,334 ordinary voting shares.