LVL Energy Fund to raise Rs. 507 m via Rights

Thursday, 29 January 2026 05:23 - - {{hitsCtrl.values.hits}}

LVL Energy Fund PLC has announced a proposed Rights Issue of shares to raise up to Rs. 507.1 million, with proceeds to be used to settle outstanding debt.

The company will issue up to 67,619,394 ordinary voting shares on the basis of three new shares for every 31 existing shares held. The shares will be offered at a price of Rs. 7.50 per share.

The proposed issue is expected to raise a total of Rs. 507,145,455. The company said the funds will be utilised to pay off outstanding debts that have already been recognised as due, at the earliest possible date.

LVL Energy Fund’s current stated capital stands at Rs. 3.37 billion. The Rights Issue is subject to approval in principle by the Colombo Stock Exchange (CSE) for the issue and listing of the new shares, as well as shareholder approval at an Extraordinary General Meeting to be convened on a date to be announced.

LVL Energy Fund shares closed down 10 cents yesterday at Rs. 9.70 with over 6 million shares traded on a Rs. 58.8 million turnover.

As of end-September 2025, the company reported net assets of Rs. 8.79 per share. Long-term borrowings amounted to Rs. 2.2 billion and short-term debt was Rs. 466 million. Lanka Venture PLC was the top shareholder with a 52.48% stake, followed by B.W.R. Srikantha (0.77%) and Fors Investment Ltd., (0.73%). The public float was 47.52%.