Barita Investments Limited (BIL) said that on Friday (September 18) it would be announcing the details of its upsized additional public offering (APO).
The company made the revelation as it reported that its APO had been oversubscribed and would not be extended.
The company further revealed that it had also decided to upsize the offer.
“The Invitation has been oversubscribed and will not be extended. The Company will be exercising its right, pursuant to the Prospectus, to “upsize” the APO,” said Barita in a statement.
“Applicants for New Ordinary Shares in the APO will be advised of the basis of allotment on Monday, September 21, 2020,” added the investment firm.
In August 2020, Barita said that it would be issuing up to 200 million ordinary shares at prices ranging from $49 to $53 per share.
Barita in its prospectus said that the APO which was aimed at raising $9 billion would be used to fund expansion plans.