Maskeliya to raise Rs. 324 m via 1 for 1 Rights

Maskeliya Plantations Plc has decided to raise Rs. 323.7 million via a Rights Issue of one for one.

Given the current number of shares in issue, the Rights involve issuance of 26.97 million new shares at Rs. 12 each.

Proceeds will be used to meet working capital requirement, settle liabilities as well as avoid additional interest charges on obtaining new loans.

The Maskeliya Board of Directors is of the view that the Rights’ pricing is fair and reasonable.  An EGM will be convened shortly for shareholder approval.