Anilana Hotels to raise Rs. 767 m via Rights

Thursday, 25 September 2014 00:17 -     - {{hitsCtrl.values.hits}}

Anilana Hotels and Properties PLC yesterday announced plans to raise Rs. 765 million via a Rights Issue on the basis of two new shares for every seven held at Rs. 7 each. Funds raised will be partly used to retire Rs. 167 million of existing debt and the balance Rs. 600 million to finance the balance construction of the Dambulla hotel project. The latter is carried out under Dambulla Hotel Resort and Country Club Ltd., a fully-owned subsidiary of Anilana. The current stated capital of Anilana is Rs. 3.09 billion represented by 383.68 million shares. The Rights which is subject to regulatory and shareholder approval will see issuance of 109.62 million new shares. Anilana’s net asset per share is Rs. 7.34 as at June 2014. Yesterday the stock traded at Rs. 6.60. It has Rs. 237.7 million in current liabilities and Rs. 128 million in bank overdraft. Long term borrowings amounted to Rs. 858 million as at June 2014. Asanga Seneviratne holds a 25.6% stake whilst other major shareholders include BH Gmoemerging Markets Fund (11.4%), Asia Fort Asset Management (10.6%), Upali Dharmadasa (7%), M.C. Amerasinghe (5%) and Investor Access Equities (5%).