Sri Lanka’s Softlogic Finance to raise Rs1.9bn from cash call
ECONOMYNEXT – Sri Lanka’s Softlogic Finance, a licensed non-bank lender said it had received the nod from the Colombo Stock Exchange to raise 1.9 billion rupees from a rights issue of shares to shareholders.
The rights share issue is underwritten by the immediate parent, Softlogic Capital Plc, ensuring that the capital infusion will be made, the firm said in a statement.
The rights issue will be put for shareholder approval on November 09.
The Softlogic Group has said it is also getting control of Abans Finance Plc, which will be amalgamated with Softlogic Finance.
The merged entity will have assets 32 billion rupees deposits of 22 billion rupees and customer advances 26 billion rupees. (Colombo/Oct21/2020)