Sri Lanka Telecom (SLT), the dominant state-owned fixed line provider, said it will issue almost 80 million new voting shares through a private placement with the funds going to roll over short-term debt.
A stock exchange filing said the private placement of shares, at a price yet to be fixed, will be with local and foreign institutional investors.
The share price will be announced after a share valuation and feedback from potential investors, SLT said.
The main purpose of the new share issue is to meet the stock exchange’s minimum public shareholding requirement.
SLT will issue 89.77 million ordinary voting shares representing 4.74% of issued shares after the private placement.
The company’s present issued capital is Rs18 billion represented by 1.8 billion ordinary voting shares.