Jan 28, 2011 (LBO) – Sri Lanka’s listed The Finance Company, which is in a restructuring drive under regulatory supervision said it had raised 1.6 billion from a share sale which had been oversubscribed. The Finance Company, earlier managed by the Ceylinco group offered 40 million shares at 40 rupees to raise capital.
Depositors at the finance company were also given a chance to convert their deposits to ordinary shares.
Depositors who convert has a chance to exit at the market price after the new issue of shares.
The stock before dilution with new shares closed at 43.90 rupees on Thursday.
The Finance had a market cap of 788 million rupees against the 1.6 billion in subscriptions attracted by the firm.