Oct 10, 2014 (LBO) – Sri Lanka’s MTD Walkers Plc, a member of the MTD group is to raise 2.4 billion rupees by way of a rights issue, the company said in a stock exchange filing.
Subjected to the necessary approvals, the company is to issue 53.29 million shares at 45.00 rupees each in the ratio of 466 shares for every exiting 1,000 shares held.
Part of the proceeds will be utilized to acquire Wincon Development Ceylon (Pvt) ltd while the rest will be used to fulfill the working capital requirements of the company.
MTD Walkers, a construction and engineering giant in the island recently announced that it is acquiring 100 percent stake in Wincon Development for 2.17 billion rupees under a restructuring plan of the MTD group in Sri Lanka.
Subjected to the necessary approvals, the company is to issue 53.29 million shares at 45.00 rupees each in the ratio of 466 shares for every exiting 1,000 shares held.
Part of the proceeds will be utilized to acquire Wincon Development Ceylon (Pvt) ltd while the rest will be used to fulfill the working capital requirements of the company.
MTD Walkers, a construction and engineering giant in the island recently announced that it is acquiring 100 percent stake in Wincon Development for 2.17 billion rupees under a restructuring plan of the MTD group in Sri Lanka.
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