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Tuesday, 28 February 2017 00:00 - - {{hitsCtrl.values.hits}}
Swadeshi Industrial Works Plc has announced a move to raise Rs. 149.32 million by way of a Rights Issue of one new share for every seven held.
The price at which new shares, amounting to 18,666, will be issued is Rs. 8,000 per share. The share last traded at Rs. 13,500. Net asset value per share as at 31.12.2016 was Rs. 5,107 and in the December quarter the share traded for Rs. 10,500.
Its stated capital is Rs. 1.3 million consisting of 130,667 shares.
The company said proceeds from the Rights Issue subject to shareholder and regulatory approval will be used for reducing the interest bearing loans and borrowings. As at 31 December 2016, the company had Rs. 376.5 million as a current portion of long-term loans.
The major shareholders of the company are A.M. Wijewardene (33.8%), Dr. T. Senthilverl (25%), Seedawatte Exports Ltd. (19.4%) and Sampath Bank Plc (10.5%).
