Ayala Corp., the country’s largest conglomerate, is set to raise up to P15 billion from its planned preferred shares issuance to bankroll its business operations.

In a regulatory filing on Thursday, the company said its Board of Directors approved the P10-billion preferred shares issuance with an oversubscription option of up to P5 billion.

Ayala did not disclose further details about the issuance.

SEC nod first

Before the company can proceed with the plan, it has to secure the approval of the Securities and Exchange Commission (SEC).

Last year, the company successfully raised P13.11 billion from another round of preferred shares issuance, which it used to refinance its peso-denominated bonds and short-term loans and fund its capital expenditures, among others.

The Ayala conglomerate recently unloaded its remaining economic interest in Manila Water to Razon’s Trident Water Company Holdings Inc. for P14.5 billion after 27 years.

The acquisition of Ayala’s remaining stake will result in Trident Water holding 81.9 percent voting stake and 62.2 percent economic interest.

Trident Water is the Prime Infra unit that holds control of Manila Water.