Sri Lanka’s Pegasus Hotel raises funds to settle debt

April 26, 2012 (LBO) – Sri Lanka’s Pegasus Hotels of Ceylon PLC said Thursday it has raised 110.9 million rupees via a rights issue. The Carsons Group managed hotel, issued 3.04 million shares to existing shareholders at a proportion of one share for every nine shares at 36.50 rupees each, Pegasus said in a stock exchange filing.

Situated north of the capital of Colombo, Pegasus is largely owned by the Carsons Group.

In February, Pegasus said funds from the rights issue will be used to settle borrowings made to buy 685,469 shares or 99.98 percent stock in Equity Hotels Limited.