Abans Finance to raise Rs. 185 m via rights issue

Abans Finance has announced a Rights Issue to raise Rs. 185 million to invest in the expansion and fulfil capital adequacy requirements of the company.

The proposed rights issue will be on the basis of 01:05 at Rs. 25 each whilst issuing 7.4 million shares. The current stated capital of the company was recorded at Rs. 382.4 million consisting of 37 million shares.

Abans Finance also said that it will hold and extraordinary general meeting (EGM) to obtain shareholder approval.

Closing price of a share as of yesterday was recorded at Rs. 42 whereas the highest market value of a share recorded for the quarter ended on 30 September FY15 was Rs. 47.80 and lowest was recorded at Rs. 30.60

Public shareholding of the company stood at 10.34% consisting of 719 shareholders. Abans PLC holds 89.26% of the stake. (SD)