Softlogic Finance PLC plans to go for a Rights Issue to raise over Rs. 850 mn to infuse fresh capital for adherence with capital adequacy requirements and support its digitalisation drive and expansion of the company.
The rights issue will be implemented in the proportion of 100 new Ordinary Shares for every 423 Ordinary Shares held by the shareholders of the company for a cash consideration of Rs. 7.31 per new share.
The company proposes to increase the Issued Share Capital through a rights issue of 116,483,901 ordinary shares at Rs. 7.31 per share for a total consideration of Rs. 851,497,316.
Acting Chief Executive Officer, Softlogic Finance, Ivon Brohier said, “As we navigate through this unprecedented situation in the country following two years of the pandemic and the worst financial crisis the country has ever seen, Softlogic Finance is determined on expanding business and enabling a digital transformation where unparalleled customer convenience will be placed at the forefront of each process.”
The infusion will improve Tier 1 Capital, while ensuring compliance with the Capital Adequacy Requirements as stipulated by regulations. The new Ordinary Shares will be listed on the ‘Diri Savi’ Board of the Colombo Stock Exchange (CSE).