Swadeshi Industrial Works to raise Rs. 149 m via Rights to retire part debt

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%).

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.