Reply To:
Name - Reply Comment
Last Updated : 2024-04-27 04:40:00
Ironwood Investment Holding (Pvt) Ltd. has increased its stake in Abans Finance PLC (AFSL) to 31.89 percent. Ironwood acquired 10.16 million AFSL shares for Rs.25 each through a rights issue, constituting 15.25 percent of the total shares in AFSL. Prior to the rights issue, Ironwood held 11.07 million shares in AFSL, equal to 19.95 percent of the shares in AFSL.
The 21.23 million shares Ironwood holds in AFSL now constitutes to 31.89 percent of its total shares. A market source said that AFSL parent Abans PLC, which held 71.60 percent of shares in its subsidiary prior to the rights issue, may not have subscribed to its full allotment of rights, allowing Ironwood to buy extra rights. It is not yet clear whether Abans and Ironwood could be classified as related parties, which may allow Ironwood to not opt for a mandatory offer. Even if a mandatory offer is announced, Ironwood would have to purchase all remaining shares for Rs.25 each since it is the highest price Ironwood had purchased AFSL shares during the past year. Ironwood entered AFSL through a private placement in last November where it purchased 11.07 million AFSL shares at Rs.25 each. AFSL shares were trading almost Rs.36 per share yesterday. The rights issue, which raised Rs. 277.34 million, was intended to improve AFSL’s future minimum capital adequacy requirements.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
26 Apr 2024
26 Apr 2024