shareholders of Singer Finance at an extraordinary meeting yesterday approved a rights issue to raise Rs. 551 million, the company said in a stock exchange filing.
The company will issue 36,740,741 ordinary voting shares at Rs 15 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, Singer Finance said.
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