Nation Lanka Finance gets first equity funding from GEM Global
Monday, 18 August 2014 00:01
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Nation Lanka Finance Plc has got the first tranche of the equity funding from Luxembourg based GEM Global.
The Company said GEM Global Yield Fund LLC SCS has acquired 1.211 million shares at Rs. 6.85 per share via a remittance amounting to Rs. 8.3 million.
The shares placed via private placement will be listed on the CSE subject to the compliance of statutory requirements and upon submitting the declaration to the CSE.
“This is the first tranche of investment made by GEM and further tranches of investments up to Rs. 700 million by way of private placements are expected in due course,” Nation Lanka Finance said.
GEM Global Yield Fund is an investment fund of the Global Emerging Markets Group, an alternative investment group that handles a diverse set of investment vehicles across the world.
In February Nation Lanka announced that GEM will invest in a private placement of new shares to be issued coupled with warrants totaling around Rs. 1.4 billion, not exceeding 29.9% of the issued shares of the Company subsequent to the issuance.
