Business

SLT to issue 90 million shares through private placement

State-owned telecommunication services provider Sri Lanka Telecom PLC (SLT) announced that it will issue nearly 90 million new voting shares through a private placement to reframe SLT’s debt portfolio by refinancing its short-term borrowings.

A maximum of 89,766,198 shares will be issued targeting local and foreign institutional investors and the private placement will be carried out to meet the minimum public shareholding requirement as per the CSE Listing Rules, the company said in a stock exchange filing.

The price at which the shares will be issued has not yet been determined, and will be informed subsequent to a share valuation and feedback from potential investors and a resolution by SLT Directors.

The current issued capital of SLT is Rs.18,049,000,000, represented by 1,804,860,000 ordinary voting shares. Shares of Sri Lanka Telecom (SLTL) closed at 23.70 today.