Ironwood ups stake in Abans Finance to 32%

Monday, 15 May 2017 01:36 - - {{hitsCtrl.values.hits}}

Ironwood Investment Holdings Ltd. has increased its stake in Abans Finance Plc to 31.89%.

This is following Ironwood acquiring 10.15 million Abans Finance shares or 15.25% via the recently concluded Rights Issue. Previously it held 11.06 million shares, bringing the total to 21.22 million shares.

Abans held a 1 for 5 Rights Issue offering 11.09 million shares at Rs. 25 each in a bid to raise Rs. 277.4 million to boost its lending portfolio.

Post Rights Issue, Abans Finance Plc’s stated capital is Rs. 1.12 billion, up from Rs. 382 million as at 31 March 2016. The figure was boosted by a Rs. 185 million Rights Issue in May last year followed by a private placement of Rs. 277 million in November and Rs. 277.4 million Rights which concluded recently. Core Capital Tier 1 will be Rs. 1.33 billion and capital funds will amount to Rs. 1.3 billion.

Abans Plc owns nearly 70% of the finance company.