Nation Lanka in Rs.502mn cash call

30 June 2015 03:26 am - 0     - {{hitsCtrl.values.hits}}

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Nation Lanka Finance PLC is planning to raise Rs.502.3 million through a rights issue, subject to the Colombo Stock Exchange and shareholder approval.

To this end, the company is expected to issue 502,326,522 shares priced Rs.1 each, at a proportion of two shares for every one share held by the existing shareholders.

The purpose of the cash call is to strengthen the core capital position of the company.

A key promoter of Nation Lanka Finance, Asanga Seneviratne, recently exited from the company by divesting his 33 percent stake in the company in a deal worth of Rs.300 million. 

The shares were bought by the other two main shareholders, Nawaloka Construction and Non-Executive Director of the company Victor Ramanan. 

Despite 33 percent of Nation Lanka changed hands, analysts said a mandatory offer obligation may not arise as the buyers of shares may not be acting in concert.

For the year ended March 31, 2015, Nation Lanka Finance PLC reported a net loss of Rs.447.5 million, against a net loss of Rs.139 million in the previous year.
 
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