LOLC places Rs. 3b debentures with Saakya Capital

Lanka Orix Leasing Company Plc (LOLC) has placed Rs. 3 billion worth of debentures with Saakya Capital Ltd. It said the move was part of strengthening the capital base of the company. Though disclosed only last week, the debentures were placed in late February.

LOLC said seven year going concern, loss absorbent, unsecured, subordinated unlisted debentures were issued to the tune of Rs. 2 billion to Saakya Capital, on 23 February and Rs. 1 billion to Satya Capital Ltd. on 27 February.
“Following transfers, Saakya Capital now remains the sole debenture holder of the total amount of Rs. 3 billion,” LOLC’s filing to the CSE added.
Saakya Capital also owns 2.34% stake and Satya Capital owns 1.86% in Lanka Orix Finance, a subsidiary of LOLC.

As at 31 December 2011, LOLC had Rs. 24 billion in interest bearing loans and borrowings (up from Rs. 20.2 billion in March 2011) whilst at group level it was Rs. 64.2 billion, up from Rs. 46.7 billion as at 31 March 2011. Assets amounted to Rs. 38 billion, up from Rs. 31 billion and Rs. 148 billion (Group) from Rs. 112 billion as at March 2011.