Bumi Resources Gets Green Light for $682 Million Rights Issue
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PT Bumi Resources plans to raise 8.05 trillion rupiah ($682 million) via a rights issue over the coming two months to help reduce its debt load.
Shareholders passed a resolution in Jakarta late yesterday allowing the Indonesian coal miner to issue 32.2 billion new Series B shares at 250 rupiah apiece. Series A shareholders owning 20 shares will be entitled to subscribe for 31 new shares, Bumi director Dileep Srivastava said by e-mail today. The company plans to complete the fundraising by Sept. 1, assuming all existing shareholders take up their entitlements.