Business · Sri Lanka Bureau
Singer Finance launches rights issue to raise fresh capital
Singer Finance has announced plans to raise capital through a rights issue of up to 76.6 million voting shares priced at Rs 39.20 each. The capital raising exercise follows midday gains in the Colombo stock market.
LSN Sri Lanka ·
Singer Finance Limited has launched a rights issue to mobilise fresh capital from existing shareholders. The company plans to issue up to 76,648,787 voting shares at Rs 39.20 per share, according to stock exchange filings.
The rights offer is being made on an 8:29 basis, meaning existing shareholders are entitled to subscribe to eight new shares for every 29 shares they currently hold. This capital raising initiative comes as the company seeks to strengthen its balance sheet and support business expansion.
The announcement coincided with midday gains on the Colombo Stock Exchange, reflecting broader market sentiment. Singer Finance, a prominent player in the financial services sector, has opted for the rights issue route to tap existing investor confidence rather than seek external capital.
Shareholders will now evaluate the rights offer, with the subscription period expected to be detailed in formal regulatory communications. The rights issue represents a significant capital addition for the company, with potential gross proceeds dependent on full subscription levels among the shareholder base.