Nation Lanka Finance raises Rs. 1.1 bn in fresh equity capital
View(s):Weathering all macro-economic challenges Nation Lanka Finance PLC (NLF) successfully raised Rs. 1.1 billion in equity capital through the recently concluded Rights Issue. This was possible due to the confidence placed by major shareholders and strategic investors who perceive greater potential in the company and its sustainability, a media release issued by the company stated.
New capital was required to maintain growth and meet regulatory requirements of NLF, enjoying a high-quality asset base of over Rs. 8.1 billion. Prior to the most recent rights issue, NLF had raised a total of Rs. 1.9 billion via three rights issues in 2011, 2012 and 2018 respectively. Operating with integrity the company is proud to be one of the very few NBFI’s who honored all liabilities and repaid Rs. 1.5 billion to fully settle the legacy depositors affected from the Ceylinco Group troubles over a decade ago.
The successful raising of capital is just a part of the medium-term strategic plan pursued by NLF whilst the company has also embarked on a merger with another financial institution which would bolster the balance sheet and create stability during these turbulent times. The company is conducting extensive discussions on the matter and sought requisite regulatory approvals for same under the Consolidation Master Plan of the Central Bank of Sri Lanka.
The proposed merger, coupled with the capital infusion which has taken place in NLF, will make vast improvements in the regulatory, operational, and business aspects from its present stand-alone 25 branch basis to becoming the proposed merged entity with 50 branches, and the successful implementation of this proposal will be a viable measure to build up a stronger, liquid and a resilient entity capable of meeting future challenges in the business environment.
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