John Keells Hotels PLC (KHL) is offering a 1-for-three Rights Issue at a price of Rs 10 per share with the proceeds to be used to fund the refurbishment of hotels in Sri Lanka as well as for new hotel projects and for the acquisition of land for new resort hotels, the company said this week.

It said the total number of shares to be issued is 364,036,695. The current stated capital of the company is Rs.5.8 billion. The Rights Issue is subject to the Colombo Stock Exchange approving in principle the issue and the listing of shares, and obtaining shareholder approval at a General Meeting.