Dialog Finance Rs. 560 m Rights oversubscribed

Dialog Finance PLC’s Rs. 560 million Rights Issue has been oversubscribed drawing applications worth Rs. 590.7 million. 

The Rights Issue was on the basis of eight new shares for 101 held at Rs. 65 per share and involved 8.616 million new shares. 

Dialog Finance said subscriptions in respect of rights and additional applications amounted to 9.088 million shares. The current stated capital is Rs. 2.37 billion. Dialog Axiata holds 99.05% stake in the finance company whilst it has 884 shareholders owning 0.95% stake.

Dialog Finance share price closed yesterday at Rs. 83.10, up by 4% or Rs. 3.20.

Funds raised via Rights will be used increase the core capital in compliance with the Finance Business Act (Minimum Core Capital) No. 02 of 2017 issued by the Central Bank of Sri Lanka.