Tamil Diplomat

Dankotuwa Porcelain to growth 722 million

Sri Lanka’s tableware exporter Dankotuwa Porcelain is to raise 722 million rupees by way of a rights issue, the company said in a stock exchange filing.

Subject to the necessary approvals, the company is to issue 90.31 million ordinary shares at 8.00 rupees each in the ratio of 5 for every 4 shares.

The proceeds will be utilized for plant modernization and to settle short term loans which would improve the gearing ratio, the company said.The stock closed at 14.50 rupees on Wednesday.