Overseas Realty to raise Rs7.3bn in rights issue for Havelock City

Sept 26, 2016 (LBO) – Sri Lanka’s Overseas Realty is to raise 7.3 billion rupees by way of a rights issue, the company said in a stock exchange filing.

The company is to issue 355 million new ordinary shares at 20.50 rupees each in the ratio of two new shares for every five shares held.

The proceeds will be utilized to invest in the mixed development project of Havelock City Pvt Ltd.

The rights issue is subject to obtaining the listing approval of the stock exchange and the approval of shareholders at a General Meeting of the Company.

The current stated capital of the company is 11.2 billion rupees.

Overseas Realty engages in land and property business with the development of property for investment, property management and restaurant operation.