Orient Finance to raise Rs.507mn via rights issue

Orient Finance PLC, a unit of Janashakthi group, yesterday announced plans for Rs.506.6 million rights in order to raise money to meet regulatory capital requirements.
To this end, the company plans to issue 35.2 million new ordinary voting shares in the proportion of one new share for every five shares held at Rs.14.40 per share.
The stated capital of the company at September 30, 2019 was Rs.1.92 billion.

Janashakthi PLC owns 91.42 percent of Orient Finance PLC.

The rights issue is subject to shareholder approval and approval in principle by the Colombo Stock Exchange for the issue and listing of shares, the company said.