Sri Lanka, Oct. 16 -- Colombo Dockyard yesterday disclosed it would proceed with its planned Rs.12.93 billion rights issue, once the shareholder approvals are obtained but announced a change in the transaction structure.

In a stock exchange filing, the shipbuilding and repair company said its major shareholder Onomichi Dockyard Company Limited would no longer renounce its rights in favour of Mazagon Shipbuilders Limited, as previously stated.

Instead, Onomichi will refrain from subscribing to its rights entitlement and the resulting ordinary voting shares will be directly allotted to Mazagon, subject to approval by the shareholders through a special resolution. The company said the ordinary voting shares linked to Onomichi's entitlement...