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Astra raises rights issue to $150 mln-paper

SINGAPORE, Sept 27 (Reuters) - Indonesia's indebted auto giant PT Astra International is targeting a larger rights issue of $150 million as part of its debt restructuring efforts, The Business Times said on Friday.

The company said last week it was considering up to a $100 million rights issue "subject to negotiation with creditors".

The $150 million issue -- about 20 percent of Astra's market capitalisation in size -- will be priced at around 2,220 rupiah which is a slight discount to Astra's one-year average share price of 2,980 rupiah, the newspaper said.

Astra had shortlisted JP Morgan, ING Barings and an ABN AMRO Rothschild team for the exercise, it added.

Singapore's Cycle and Carriage Ltd , Astra's largest shareholder with a 32 percent stake, is likely to have to borrow for its share of the rights issue, the report said.

Cycle and Carriage could not immediately comment on Friday.