RIL Property to raise Rs. 1.6 b via Rights Issue

RIL Property Plc plans to raise Rs. 1.6 billion via a one for three Rights Issues to settle part of the long-term loan facilities obtained by the company.

The board of RIL Property Plc has resolved to issue 200 million shares in the proportion of one new ordinary voting share for every three ordinary shares held at Rs. 8 per share. Net asset value per share is Rs. 24.46. On Monday the share closed at Rs. 7.80.

The current stated capital of the company is Rs. 5.76 billion (represented by 600,000,000 ordinary voting shares).

The Rights Issue is subject to the Colombo Stock Exchange approving in principle the issue and listing of shares and obtaining shareholder approval at a General Meeting. 

The company had Rs. 3.4 billion in long-term interest bearing loans and borrowings as at 31 December 2017 and Rs. 4.8 billion in short-term tenor. 

The Yassen family controls around 80% stake in the company.