Sri Lanka’s Dialog Finance gets shareholder nod to raise Rs700mn

ECONOMYNEXT – Dialog Finance Plc, a unit of Sri Lanka’s Dialog Axiata has received shareholder approval to raise 701 million rupees to meet regulatory capital requirements by the sale of new shares.

Shareholders had approved the rights issue of 17.44 million shares to issued at 40.20 rupees per share at a extraordinary general meeting on March 02.

Over 98 percent of the stock is held by Dialog Axiata.

The cash call will boost stated capital of the firm to 2.37 billion rupees after and net assets to 2.2 billion rupees.

Under central bank regulations, non-bank finance companies should have 2.0 billion rupees of capital by January 2020. (Colombo/Mar03/2020)