Softlogic Finance rights oversubscribed with strong investor interest
View(s):The recent Rights Issue of Softlogic Finance PLC was over-subscribed by over 150 per cent with a new equity infusion of Rs. 401 million, boosting the total equity position of the company to Rs. 1.9 billion.
The Rights Issue, in which 10 ordinary shares were issued at Rs. 30 per share for every 28 shares held by shareholders as at 26th February 2015, attracted applications for over 20.1 million shares – with over-subscriptions exceeding 6.7 million shares. Applications for 13,376,411 shares at Rs 30 each were accepted by the company and applications were closed on 16th March.
A company statement said that the capital infusion comes at an “opportune time” with demand for credit by the private sector showing notable increases on the back of reduction of interest rates to multi-year lows, the company said.
Softlogic Finance PLC Chairman, Ashok Pathirage said, “The capital infusion will add a further impetus to Softlogic Finance’s journey to achieving its vision of becoming the preferred non-banking financial institution in Sri Lanka.”