Nation Lanka gets Rs.1.5 bln boost from foreign investment firm
View(s):GEM Global Yield Fund LLC SCS is investing Rs.1.4 billion in finance company, National Lanka Finance PLC under an agreement signed this week, a stock exchange announcement by the local company said.
The foreign firm is an investment fund of the Global Emerging Markets Group (GEM), an alternative investment group that handles a diverse set of investment vehicles across the world.
Accordingly the foreign firm will invest in a private placement of new shares to be issued coupled with warrants totaling approximately Rs 1.4 billion, not exceeding 29 per cent of the issued shares of the company subsequent to the said issue. “The issue of new shares by way of a private placement and warrants will be subject to the company obtaining shareholders and regulatory approval,” the statement said, adding that further details of the private placement and warrants will be notified shortly.