Blue Diamonds in Rs.100mn cash call

Blue Diamonds Jewellery Worldwide PLC (BLUE) this week announced plans to go for a rights issue to raise money for working capital requirements, factory refurbishments, marketing and settle debt.

Accordingly, BLUE plans to issue 100.3 million new ordinary voting shares in the proportion of one new share for every four existing ordinary voting shares, at Rs.1.00 per share.

BLUE share was last traded at Rs.1.00. 

As at December 31, 2017, BLUE’s net asset value per share stood at 44 cents and the current stated capital is Rs.373.6 million.

Though Daya Gamage family owns considerable shareholding in BLUE, there is no controlling shareholder in the company.