Sri Lanka’s Softlogic to raise Rs850mn from cash call

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ECONOMYNEXT – Softlogic Finance Plc, a publicly trade unit of Sri Lanka’s Softlogic Capital Plc said it was planning to raise 850 million rupees in equity to boost capital by offering 116 million shares at 7.31 rupees a share to existing shareholders.

Shareholders would be given a rights issue of 100 shares for every existing 423 shares.

Ivon Brohier, Acting Chief Executive Officer, Softlogic Finance PLC said the said Softlogic was expanding business and going on a digitalization drive amid the “following two years of the pandemic and the worst financial crisis the country has ever seen.”

The infusion will improve  Tier 1 Capital, while complying with Capital Adequacy Requirements. The new shares will be listed on the ‘Diri Savi’ board of the stock exchange. (Colombo/Oct22/2022)

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