Friday, 20 September 2013 03:07
Tess Agro (TESS) has announced a Rights Issue and Capitalization of Reserves move.
The Rights Issue will be at Rs.1.50 per share; 01 ordinary voting share for every 03 ordinary voting share held and Rights Issue at Rs.0.90 per share; 01 ordinary non-voting share for every 06 ordinary voting share held.
Funds raised from the Rights Issue, will be utilized to invest in its Muthurajawela property development and to finance its working capital needs for its newly commenced EU branch. This is subject to approval.
Capitalization of reserves will be up to Rs.90 million capital reserves, consisting of 90 million shares. This is too subject to approval.