Sri Lanka, July 9 -- TAL Lanka Hotels PLC, the operator of Taj Samudra Colombo, has announced a major rights issue to raise Rs.1.87 billion to stabilise its balance sheet and fund the ongoing property upgrades.

The company's board of directors resolved on July 7, 2026, to offer 66,836,785 new ordinary voting shares, at a price of Rs.28 per share.

The capital call will be executed in a proportion of 42 new ordinary voting shares for every 108 existing shares held, subject to receiving the in-principle approval from the Colombo Stock Exchange and subsequent shareholder approval at a general meeting.

The proceeds from the fresh capital infusion will follow a strict utilisation hierarchy, focused heavily on debt reduction and asset moder...