Thai Raimon Land plans rights issue, shares up

BANGKOK, March 24 (Reuters) - Thai developer Raimon Land PCL RAIM.BK said on Monday it planned to raise 1.37 billion baht ($44 million) in a one-for-two rights issue at 1.0 baht per share, 11 percent above the market price.

The company said in a statement it would sell 1.37 billion new shares with a subscription period from May 9-15 and the issue would raise its registered capital to 4.17 billion baht from 2.8 billion baht.

The proceeds would be used as working capital and expanding the business, it said.

At 0304 GMT, Raimon Land shares were up 3.33 percent at 0.92 baht, while the main Thai index .SETI was up 0.06 percent. ($1 = 31.39 Baht) (Reporting by Khettiya Jittapong, Editing by Michael Battye)