Browns Investments in Rs. 2.3 b Rights

Wednesday, 11 June 2014 00:00 -     - {{hitsCtrl.values.hits}}

Browns Investments Plc (BIL) yesterday announced that its Board of Directors has resolved to issue 1 for 1 Rights Issue at Rs.1.25 per share subject to regulatory and shareholder approval. Funds raised from the Rights Issue, estimated at Rs.2.32 billion, will be utilised for payment of outstanding debts. As at 31 March 2014, BIL at Group level had Rs. 1.74 billion in interest bearing long term borrowings and Rs. 4.4 billion in short term interest bearing borrowings. BIL yesterday closed at Rs. 1.80, down by 40 cents whilst it hit an intra-day high of Rs. 2.10 with 7.2 million shares traded. Major shareholders of BIL are Brown and Company (37%), Lanka Century Investments (20%) and LOLC Investments (13%).