Sri Lanka’s Abans Finance to raise capital with Rs277mn rights issue

Dec 28, 2016 (LBO) – Sri Lanka’s finance sector player, Abans Finance, is to raise 277.34 million rupees by way of a rights issue, the company said in a stock exchange filing. The company has obtained the Central Bank approval in compliance with Finance Companies (Structural Changes) Direction No. 01 of 2013 by their letter dated 27th December, 2016. Subject to the exchange and shareholder approval, the company is to issue 11,093,595 ordinary shares at 25 rupees each in the ratio of one new share for every five shares held.
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“The proceeds will be utilized to expand the lending and investment activities of the company,” Abans Finance said. “Proceeds will also be utilized to upgrade the company into a well capitalized status to meet any possible increases in the minimum capital requirements applicable for Finance Companies.” The current stated capital of the company is 844,073,080 rupees represented by 55,467,978 ordinary shares. If the rights issue is fully subscribed the stated capital will increase by a further 277,339,875 rupees represented by 11,093,595 ordinary shares.