Abans Finance has announced that it will raise Rs 277 million via a rights issue. Accordingly, the company will issue 11,093,595 shares in the proportion of one new ordinary share for every five existing ordinary shares at Rs 25 each.
The proceeds of the issue will be utilized to expand the lending and investment activities of the company and to upgrade the company into a well capitalized status to meet any possible increase in the minimal capital requirements applicable for finance companies.
The firm’s current stated capital is Rs. 844 million made up of 55.4 million ordinary shares and the rights issue is subject to Colombo Stock Exchange approval. (IH)
0 comments: