Anilana Hotels & Properties PLC is to raise a sum of Rs. 767.4 million by the issue of up to 109,624,114 ordinary shares at a price of Rs. 07 each by way of rights to existing shareholders in the proportion of two new ordinary shares to every seven ordinary shares held.

The funds raised would be partly utilized to repay the company’s existing debts of some Rs. 167 million and the balance Rs. 600 million to finance the balance construction of the hotel project in Dambulla under the Dambulla Hotel Resort & Country Club (Pvt) Limited, a fully owned subsidiary of Anilana Hotels & Properties PLC.