Sarvodaya Development Finance to launch IPO shortly
By Paneetha Ameresekere
Colombo Stock Exchange (CSE) on Monday approved the listing by way of an initial public offering (IPO) of Sarvodaya Development Finance Ltd. (SDFL), Colombo, a registered finance company, on 23 November. The IPO comprises the offer of 22,727,273 new, ordinary voting shares at a price of Rs 22 per share with the option of issuing a similar number of shares at the same price, resulting in the issuance of a totality of 45,454,546 ordinary voting shares. The Company is to be listed on CSE’s main board, the Diri Savi Board, it said.
Financial advisers and managers to the issue is ND Investment Bank Ltd., Colombo and registrars to the issue, P W Corporate Secretarial (Pvt) Ltd., Colombo. SDFL in the financial year ended 31 March 2021 saw gross income fall by 3.27 per cent (Rs 58.90 million) to Rs 1.74 billion, year on year (YoY). However, total comprehensive income, inclusive of profit after tax in the review period grew by 86.93 per cent (Rs 84.44 million) YoY to Rs 181.57 million.
Loan impairment in the review period fell by 49.64 per cent (Rs 59.23 million) to Rs 60.09 million YoY. The Company has an islandwide branch and customer service network of 25, according to its 2020/21 Annual report. The Company’s Board comprises Channa de Silva (Chairman), Dr Richard W. A. Vokes, Masayoshi Yamashita, Dr. Janaki Kuruppu, Chamindha Rajakaruna, Christopher Amrit CanagaRetna, Shehara de Silva, Sunil de Silva, Dammika Ganegama and Senthi Nandhanan Senthilverl. The CEO of the Company is Nilantha Jayanetti, according to its Annual Report.