Hela Apparel Holdings Plc, a leading apparel manufacturer in Sri Lanka, has successfully raised Rs 1.5 billion through a rights issue, according to a stock exchange filing. The company issued 319,514,110 ordinary voting shares, raising Rs 1,597,570,550 in total.
The company previously announced in June that the funds from the rights issue would be allocated to a sub-subsidiary to settle existing bank borrowings.
As of Monday, September 30, Hela Apparel’s shares were trading up at Rs 6.10.
Earlier this year, Hela Apparel expanded its global footprint by acquiring Focus Brands, a UK-based brand licensing house, for £8 million, strengthening its position in the international market.