Rs. 600 m rights issue of Lankem Developments snapped up

Tuesday, 22 April 2025 03:25 - - {{hitsCtrl.values.hits}}

The Rs. 600 million worth rights issue of Lankem Developments PLC has been oversubscribed.

The company said total subscription received amounted to Rs. 725.5 million, inclusive of additional shares applied for.

The original issue was 40 million shares (one new share for every three held) at Rs. 15 each. The company’s share price yesterday closed at Rs. 18.80, up by Rs. 1.10 or 6.2%.

Funds raised are to be used to settle related party dues and further investment in subsidiary companies, as well as future working capital requirements.

The major shareholders of Lankem Developments PLC include Consolidated Tea Plantations Ltd., (47.57%), Senthilverl Holdings (11.22%), Sri Lanka Insurance Corporation General Fund (3.4%), Lankem Ceylon PLC (2%), and Union Investments Ltd., (2%).

The public float of the company is 44.28% held by 3,479 shareholders as at 31 December 2024.

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.