Katılımevim's 7 Billion Lira Capital Transformation: Historic Free Issue Reshapes Share Indices

Katılımevim Tasarruf Finansman A.Ş. (KTLEV) has signed off on a massive structural change rarely seen in equity markets, deciding to raise its capital to 7 billion TL through a 238.16425% free capital increase financed by profit shares. This strategic move by the company brings the theoretical adjustment in stock prices and the increase in the number of shares held to the forefront, marking the beginning of a new valuation period for investors.

Capital Base Soaring to 7 Billion Lira

The details of the operation, clarified by the official notification to the Public Disclosure Platform (KAP), went down as a development highlighting the company's financial depth. The current issued capital of 2,070,000,000 TL will be raised to 7,000,000,000 TL, financed entirely through internal sources.

■A total of 4,930,000,000 TL nominal value of new shares will be issued.

■The source of financing for the increase will be 100% profit shares.

■The transaction strengthens the company's equity structure while also preventing cash outflows.

2026 Roadmap and Index Price Adjustment

The timeline for the free capital increase process and its impact on the price have been determined. In the stock, which closed at 155.60 TL on Friday, the theoretical ex-right price was calculated as 46.013 TL considering the increase ratio. The rights usage process for investors will follow a futuristic calendar:

■Rights Usage Start Date: August 3, 2026

■Record Date: August 4, 2026

■Payment Date: August 5, 2026

From a dividend-focused portfolio management perspective, such high-ratio free capital increases indicate that the company prefers growth capital over dividend payments. While a 238% increase theoretically reduces the price per share, the market value is preserved as the number of shares in investors' hands increases. However, the execution timeline extending to 2026 should be evaluated as an indicator of the company's intention to tie current cash flows to a long-term strategy; although there is a price correction in the short term, expanding the capital base to this extent in the long run can create a positive tailwind in terms of liquidity and trading volume.