Singer Finance (Lanka) PLC is to raise up to Rs. 3 billion through a rights issue to strengthen its capital adequacy ratios and support lending.
The company’s Board on 31 July 2026 resolved to increase its stated capital through the issue of up to 76,648,787 new ordinary voting shares, subject to regulatory and shareholder approvals.
Under the proposed issue, shareholders on the register as at the end of trading on the date of entitlement will receive eight new ordinary voting shares for every 29 existing ordinary voting shares held.
The new shares will be offered at Rs. 39.20 each.
Singer Finance said the proceeds would be used to improve the company’s capital adequacy ratios and for lending purposes.
As at 30 June 2026, the company’s stated capital stood at Rs. 4.005 billion, represented by 277.85 million ordinary voting shares.
The proposed rights issue received Central Bank approval on 19 August 2026 under the Finance Companies (Structural Changes) Direction No. 01 of 2013.
The issue remains subject to the Colombo Stock Exchange approving in principle the issue and listing of the new shares, as well as shareholder approval by ordinary resolution at an Extraordinary General Meeting.
The share traded 70 cents up at Rs. 49 mid-session yesterday. The company reported net assets of Rs. 35.36 a share as of end-June 2026. Hayleys PLC-controlled Singer (Sri Lanka) PLC was the biggest shareholder with a 79.93% stake.