Feb 28, 2017 (LBO) – Sri Lanka’s Vidullanka, a hydro power firm, said it plans to issue new shares to raise 50 million rupees for Timex Garments which would partly fund the acquisition of a 6.5MW mini-hydro power plant in Uganda, a statement said.
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Vidullanka will issue ordinary shares by private placement amounting to 9.1 million at 5.48 rupees to raise 50 million rupees, the company said in a stock exchange filing.
“The funds are to be used as part settlement of the cost of buying Timex Bukinda Hydro (U) Ltd. has got all approvals except a power purchase agreement for the 6.5MW Bukinda small hydro power plant.”
The share issue would result in increasing the current stated capital of Vidullanka by 3.9 percent and a maximum 1.34 percent increase in the number of shares.