Sri Lanka Telecom (SLT) plans to issue nearly 90 million new ordinary shares, representing 4.74 per cent of the issued shares, through a private placement.
This decision was made by the company’s board of directors at a meeting on August 9, SLT said in an announcement to the Colombo Stock Exchange (CSE). It is based on the need to maintain the CSE’s minimum public shareholding requirement.
Currently the company’s issued capital is Rs, 18 billion represented by 1.8 billion ordinary shares. Funds received from the new allocation of shares will be utilized to structure the debt portfolio of the SLT by refinancing its short-term borrowings.
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