Vidullanka successfully raises Rs. 253 m via Rights Issue of non-voting shares

A pioneer in renewable energy developer, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.  

The move also marks the issuance of non-voting shares of the company for the first time. 

The rights traded from 19 May to 28 May following the shareholder approval at the Extraordinary General Meeting held on 5 May. The rights were traded in the range of Rs. 0.40 to Rs. 4 with the volume weighted average price of Rs. 1.60.

Vidullanka PLC operates a diversified operating power plant portfolio with an installed capacity of 36MW, comprised of hydro, dendro and solar power plants located in Sri Lanka as well as in Uganda. It also enjoys a steady stream of projects in pipeline at various stage of pre-development, sourced though internal business development efforts as well as acquisitions. 

Vidullanka PLC’s ongoing endeavours in solar power include two ground mounted solar power plants with a total capacity of 3MW and a joint venture with Windforce Ltd. and HiEnergy Services Ltd. for the development of a 10MW solar power plant in eastern Sri Lanka. Additionally, the company is in the process of developing number of rooftop solar power plants in partnership with reliable industrial sector partners as roof owners.

The company continued to report excellent performance for the financial year 2020/21, with a Profits after tax of Rs. 601 million and a total comprehensive income of Rs. 688 million. The overseas hydro segment continued as the highest performing segment reaping benefits of Vidullanka PLC’s continued investment in renewable energy sources.

In testament to the financial strength of the company, ICRA Lanka reassigned the rating of Vidullanka PLC to A- (SL) with a Stable outlook for 2021/22.

A total of 72,394,086 non-voting shares will be listed in the Colombo Stock Exchange and due to start trading on 16 June.