Softlogic Capital Group goes for Rs. 2.9 b Rights Issues

Tuesday, 18 August 2020 00:51 - - {{hitsCtrl.values.hits}}

Softlogic Capital Group has announced two separate Rights Issues to raise a combined Rs. 2.9 billion.

Softlogic Capital Plc’s Board has resolved to issue 289 million shares by way of Rights in the proportion of 21 to 50 at Rs. 3.50 per share thereby raise

Rs. 1 billion.

Proceeds will be used for investing on subsidiary Softlogic Finance.Separately, Softlogic Finance’s Board resolved to issue 165.4 million shares by way of Rights in the proportion of 8 to 5 at Rs. 11.50 per share thereby raising Rs. 1.9 billion. Proceeds will be used to improve core capital Tier 1 requirements of the company.

Both issues are subject to regulatory and shareholder approval.

Softlogic Capital share yesterday closed at Rs. 4.70 down by 10 cents whilst Softlogic Finance closed at Rs. 13, down by 20 cents.

Softlogic Capital net assets value per share was Rs. 3.60 as at 30 June at Company level and Rs. 7.32 at Group level. Net assets value per share of Softlogic Finance was Rs. 15.86 as at 30 June down from Rs. 19.74 as at 31 March.