JKH raises Rs. 3.17 b via Warrants conversion

Premier blue chip John Keells Holdings (JKH) has raised Rs. 3.17 billion via the conclusion of the conversion of 21.3 million 2016 Warrants at Rs. 149.29 price per share.

This was out of 57.46 million warrants.

JKH said the equity and debt financing requirements for the Cinnamon Life project remains secured with the conclusion of the required debt financing for the project in December 2014 and the availability of cash reserves to meet equity commitments through the capital raised via the 2013 Rights Issue, 2015 Warrants and internally generated cash.

Major holders of 2016 Warrants included business leader Sohli Captain-owned Paints and General Industries (30.2%) and his daughter L.A. Captain (7.85%), Aberdeen Funds (10%), Capital Trust Holdings (8%) and Melstacorp (4.3%).