Sri Lanka’s Dankotuwa Porcelain to raise Rs722mn through rights issue

July 30, 2015 (LBO) – Sri Lanka’s tableware exporter Dankotuwa Porcelain is to raise 722 million rupees by way of a rights issue, the company said in a stock exchange filing.
Subject to the necessary approvals, the company is to issue 90.31 million ordinary shares at 8.00 rupees each in the ratio of 5 for every 4 shares.
The proceeds will be utilized for plant modernization and to settle short term loans which would improve the gearing ratio, the company said.The stock closed at 14.50 rupees on Wednesday.