MANILA, Philippines - Property developer Robinsons Land Corp. said on Thursday it had board approval to raise P13.65 billion ($315 million) from a stock rights issue.

The company said in a statement it set a discount price of P10 per share for the 1-for-2 rights issue, but did not say when the offer of up to 1.36 billion common shares would be launched.

Robinsons Land closed up 1.4%at P13.10 on Thursday.

Robinsons Land, with a market value of around $812 million, said the share sale, part of a plan to increase authorised capital to P8.2 billion from P3 billion, was subject to regulators' approval.

A special meeting has been set for Feb. 23 to seek stockholders' approval for the capital hike.

Robinsons' Land, a unit of Philippine conglomerate JG Summit Holdings, is a builder of office and residential condominiums and operates shopping malls and hotels.

It competes with top Philippine property developer Ayala Land Inc. and Megaworld Corp. - Reuters