Serendib Hotel PLC announce to the Colombo Stock Exchange, that the Director of Serendib Hotel PLC have resolve to recommend to the shareholders of the company to Rights issues of its Ordinary Voting shares and Ordinary Non-Voting shares at the Proportion of 4:1 at the Price of Rs.24.50 per Ordinary Voting share and Rs.18.25 per Ordinary Non-Voting share.
|Type of share||No of Shares||Rights||Price||Total Funds|
|Ordinary Voting shares||60,411,790||15,102,948||24.50||370,022,226.00|
|Ordinary Non-Voting shares||28,808,845||7,202,211||18.25||131,440,350.75|
|Total fund rise from Rights||501,462,576.75|
The Objective of the rights issue is to be rise funds to refurbish and reposition hotel Serendib as a “design Hotel”. The project estimated cost of Rs.650 Million. The funds of Rs.501.0 Million expected to rise from Right issue and balance funded through debt.
The above Rights issues are subjective to the Stock Exchange Approvals and the shareholders approvals at general meeting.