Colombian electricity company Celsia said it raised 1.47 trillion pesos ($515.2 million) during a share issue, funds it will use to increase its stake in another local company and to reduce debt levels.

Celsia issued 330 million shares at 4,480 pesos each after receiving demands for more than 2 trillion pesos.

The company said it will use about half of the money to buy an additional 11.3 percent of Pacific Energy Company, of which it already owns a 50 percent stake. The other half will be used to pay external debt, which is controlled by investment holding Grupo Argos.

Celsia also said the anticipated payment of external liabilities would help it reduce leverage, which opens up new opportunities to continue executing its profitable growth plans.