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Indonesian telco XL Axiata sets rights issue price at 3,150 rupiah/share

Reuters

JAKARTA, May 9 (Reuters) - Indonesian telecommunications company PT XL Axiata Tbk said it has set the price of a rights issue at 3,150 rupiah ($0.2370) a share, as it seeks funds to repay debt to parent Axiata Group Bhd.

XL Axiata said in a statement on Sunday that it planned to use the proceeds to "fully repay a $500 million loan given by Axiata Group."

The price set is lower than the current share price of 3,500 rupiah, which was down 0.6 percent in Monday morning trade. ($1 = 13,290.0000 rupiah) (Reporting by Cindy Silviana)