PAP closes IPO

Dr Prathap Ramanujam

The Initial Public Offering (IPO) of 200 million shares valued at Rs three per share of Panasian Power Limited (PAP) has been oversubscribed several times and due to the over subscription, the share issue was closed yesterday.

Speaking to Daily News Business Panasian Power Chairman Dr Prathap Ramanujam said the over subscription of the IPO is an indication of the investor confidence on the company and it is encouraging.

He said the demand for power in Sri Lanka is increasing annually and as global warming is at high levels the world is now focusing on renewable energy sources. Thus, the mini hydropower plant is ideal as it is green energy.

The main objective of the IPO is to acquire Manelwala Hydropower Limited (MHPL) and settle the debts. The company expects to identify more locations while increasing the hydropower capacity to 15 MW within the next five years. (CdeS)