UB Finance rights issue oversubscribed

UB Finance PLC announced this week that its rights issue was oversubscribed.

UB Finance issued 423, 798, 049 ordinary voting shares, at two ordinary voting shares for every 13 ordinary voting shares held.

The shares were issued at Rs. 0.60 per share, and aimed to raise Rs. 254, 278, 829.

In a filing to the Colombo Stock Exchange (CSE), UB Finance said it received applications for 500,728,992 shares. Accordingly, the Rights Issue has been oversubscribed,” UB Finance said in a stock exchange filing.

The company expects to use the proceeds from the rights issue to expand the loans and advances portfolio.
The current stated capital of the entity is Rs.  3,071,482,247.