Home / / Renuka Holdings to enter property development with Rs. 1 b Rights

Renuka Holdings to enter property development with Rs. 1 b Rights


Comments / 825 Views / Tuesday, 14 October 2014 02:02


Renuka Holdings Plc has announced a one for one Rights Issue to raise Rs. 1 billion to finance investment in a property development project in Colombo 3. The Board resolved yesterday to issue 44.517 million ordinary voting shares at Rs. 21 each and 6.43 million nonvoting shares at Rs. 15 each. The Company’s current stated capital is Rs. 175 million represented by 44.5 million voting shares and 6.4 nonvoting shares. The foray into property development reflects diversification. The Group has interests in agri business, dairy, consumer and automotive apart from investment and services sector. The Company’s voting share traded at Rs. 39.50, down by one rupee yesterday. Net Asset Per share at Company level is Rs. 11 and at Group level is Rs. 47 as at June 2014. Renuka Group and related parties hold a 55% stake. Other major shareholders of voting stakes include NSB (6%), Sri Lanka Insurance Corporation (3.4%) and ETF (3.2%). The largest non voting shareholder is K.C. Vignarajah with a 4.7% stake. The Group’s total revenue stood at Rs. 1.9 billion for the first quarter of FY15, up by 22% from an year earlier and total comprehensive income amounted to Rs. 88 million, up by 24%. Net profit attributable to equity shareholders was Rs. 50 million, up by 31%

Share This Article


COMMENTS

Today's Columnists

Saman Kelegama: Even the blood running through his veins is oriented to economics

27 June 2017

The bearded economist who saw shortcomings of Sri Lanka’s liberalisation move My association with Dr. Saman Kelegama, Executive Director of the Institute of Policy Studies or IPS, dates back to the early 1990s when I had the opportunity to...


ICC cricketing lessons for Sri Lankan economy

27 June 2017

     It has been proven over time how sports strategies can be used by many other disciplines. An eagerly anticipated event on the cricketing calendar was the ICC Champions Trophy. An underdog in terms of its rank we...


A conspiracy theory: Tread with extreme caution, Sri Lanka

24 June 2017

  Politics as the science of attaining “power” The first lessons taught to any student of the science of politics almost invariably includes a reference to the 16th century Florentine philosopher Machiavell...


Most Venerable Mahanayake, I don’t know why…

24 June 2017

“I think that hate is a feeling that can only exist where there is no understanding” – Tennessee Williams, Sweet Bird of Youth     A few days ago we had the Ven. Warakagoda Shri Gnanarathana, Mah...


Columnists More