Softlogic Finance to raise over Rs. 850m in rights issue
View(s):Softlogic Finance PLC, a subsidiary of Softlogic Capital PLC, is to raise over Rs. 850 million through a rights issue to infuse more capital in the company. The rights issue will be implemented in the proportion of 100 new Ordinary Shares for every 423 existing Ordinary Shares held by the shareholders of the company for a cash consideration of Rs. 7.31 per new share, the company said in a statement.
By this process, the company proposes to increase the issued share capital by an additional Rs. 851,497 million).
Commenting on the development, Ms. Ivon Brohier, Acting Chief Executive Officer, Softlogic Finance PLC stated, “The Softlogic Group has probably the largest consumer network in the country and represents a huge opportunity for our company to be part of a large and valuable ecosystem. This capital infusion will provide the vital impetus to realise our key objectives.”
The infusion will improve Tier 1 Capital, whilst ensuring compliance with the Capital Adequacy Requirements as stipulated by regulations. The 116,483,901 new Ordinary Shares will be listed on the Diri Savi Board of the Colombo Stock Exchange (CSE).
Softlogic Holdings PLC is one of Sri Lanka’s top conglomerates, with industry leadership in key business verticals, being present across ICT, Healthcare, Retail, Financial Services, Automobiles and Leisure.
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