Japan’s SBI to invest Rs. 775m more in Sunshine Holdings

Sunshine Holdings PLC (SUN) has announced that it is to issue Rs. 11.9 million ordinary shares, or nearly 9%, by a way of a private placement to SBI Ven Holdings Ltd. at a consideration of Rs. 65 per share in order to raise Rs. 775 million.

SBI Ven Holdings, at present, owns 11% stake in Sunshine Holdings PLC.

The purpose of the private placement is to reduce exposure of Sunshine Holdings to bank borrowings by repaying debt and/or placing fixed deposit which would result in the net debt and net finance cost being reduced and the FD being utilised to pay interest and capital arising from the bank borrowings.

The move is subject to approval.