Sri Lanka’s Softlogic Holdings to raise Rs. 7 bn with equity sale
The Board of Softlogic Holdings announced that the company has come to an agreement with Samena Ceylon Holdings Limited, a Mauritius-based company to raise private equity.
The private placement of 182.73 million ordinary shares at Rs. 17 per share will Rs. 3.11 billion for Softlogic Holdings PLC to be utilized to settle short-term debt. Subsequently, Samena Capital will hold 19% of the Company.
A further issue of 230.81 million shares by way of rights issue to the shareholders of the Company in the proportion of 24:100 at Rs. 17 per share will be made to raise Rs. 3.9 billion.
The proceeds from the Rights issue will be used to partly settle the short-term debt and the long-term bank borrowings. The excess of the proceeds if any shall be used by the Company after settling the debt,...