Senkadagala to raise Rs. 213 m via Rights

Friday, 11 October 2013 03:45 -     - {{hitsCtrl.values.hits}}

Senkadagale Finance Plc (SFCL) is to raise Rs. 213.4 million via a Rights Issue. It will issue 5.3368 million ordinary shares on the basis of one for every 10 held at Rs. 40 each. The last traded price of SFCL was Rs. 50 and net asset per share is Rs. 30. The company’s current stated capital is Rs. 533.68 million. Funds raised from the Rights Issue are to be utilised for maintaining capital adequacy requirements. Core capital ratio of SFCL as at June 2013 was 11% down from 13.8% an year earlier whilst the minimum is 5%. Total capital ratio was 11% whilst the minimum is 10%. Capital funds to total deposits ratio is 39.4%, up from 35.1% whilst the minimum requirement is 10%. The Rights Issue is subject to approval by the Colombo Stock Exchange and shareholders. E.W. Balasuriya and Company Ltd and family of Balasuriya has control of SFCL with near 90% stake.