PT XL Axiata Tbk (IDX: EXCL) is projected to raises of Rp8.66 trillion ($651.62 million) from offering 2.76 billion in a pre-emptive rights issue (24.35 per cent of enlarged capital), said the company in a statement. For this plans, the company has received an effective letter from the Financial Service Authority. Mohamed Adlan, XL Axiata’s Chief Financial Officer said, under the rights issue scheme, each holder of 100 Shares whose name is registered is entitled to 25 rights. Holders of the Rights can exercise their Rights to purchase one new common share at the rights offering price of Rp 3,150 per Rights Share, or choose to trade their Rights on or outside the IDX during the period from May 20 until 26. The rights offering price of Rp 3,150 per share represents a discount of 14.8 per cent to TERP1 (calculated based on 1 month VWAP) of Rp 3,697, and a discount of 17.8 per cent to 1 month VWAP2 of Rp 3,834 as of the rights offering price setting date on April 28, the company said. Any remaining shares not subscribed by other shareholders in the rights issue are expected to be fully underwritten by PT Mandiri Sekuritas and Credit Suisse.