Prime Finance’s Rs. 526.6 m Rights Issue subscribed

Prime Finance PLC said its Rights Issue worth Rs. 526.6 million has been fully subscribed recently. 

The Rights, on the basis of 19 new shares for every 36 held at Rs. 12.60 each, entailed issuance of 41.8 million new shares. The funds raised will be utilised for the lending business of the company.

The Rights Issue was also to comply with the requirements of Finance Business Act Direction No.2 of 2017 on Minimum Core Capital and the Rule 7.13.1 (B) of the Listing Rules of the Colombo Stock Exchange on Minimum Public Holding. 

Prime Lands owns 94.6% stake of the company, and public shareholding was 4.61%, held by 968 shareholders as at 30 September.