PT Lippo Karawaci Tbk aims to raise as much as 600 billion rupiah from an offering of new shares at 635 rupiah apiece.
The company's fourth rights issue will be subject to shareholder approval Dec. 15, while completion is expected by the end of the first quarter in 2018.
Existing shareholders will be given pro rata rights to subscribe to new shares under the rights issue, according to a release.
The company intends to use the proceeds to maintain or raise its indirect ownership in PT Lippo Cikarang Tbk, as well as for working capital.
As of Dec. 8, US$1 as equivalent to 13,549 Indonesian rupiah.