Janashakthi Insurance Plc is to raise Rs.3.3 billion by way of a rights issue, the company said in a stock exchange filing on Thursday.

Subject to the necessary approvals, the company is to issue 181.5 million ordinary shares at Rs. 18.50 each in the ratio of one for every two shares.

The proceeds are to be utilized to fund the future expansion of the insurance business, the company said.

The current stated capital of the entity is Rs.1.5 billion consisting of 363 million shares