LOLC Development Finance goes for Rs. 1.57 b Rights Issue

Thursday, 19 May 2022 00:00 - - {{hitsCtrl.values.hits}}

LOLC Development Finance Plc is to raise Rs. 1.57 billion via a Rights Issue to be compliant with the Capital Adequacy Ratio prescribed by the Central Bank of Sri Lanka.

The Rights will be on the basis of 1 new for every two held at Rs. 13.25 per share. The move will result in the issuance of 119 million shares. The current Stated Capital of the company is Rs. 1.5 billion represented by 238 million shares.

The Central Bank of Sri Lanka has approved the Rights Issue which is subject to approval by the Colombo Stock Exchange in principle and shareholders via an EGM.

Net Assets Per Share of LOLC Development Finance was Rs. 12.24 as at 31 December 2021.

Yesterday the share price traded at Rs. 319.75, up by 14.5% or Rs. 40.50. The share ended the 31 December 2021 quarter at Rs.325.25 with a high of Rs. 648 and a low of Rs. 320.

LOLC Ceylon Holdings Plc owns 55.5% stake whilst related party Commercial Leasing and Finance PLC owns 44.34%. The public float is 0.11% held by 495 shareholders.