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Friday, 18 March 2011

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Free Lanka IPO oversubscribed

An initial public offer of 300 million shares by Free Lanka Capital Holdings to raise Rs 1.5 billion was oversubscribed on the opening day, Thursday, itself, a stock exchange filing said.

The issue is expected to raise capital on new hydro power projects, developing hotels and to initiate a commercial property development project in Colombo.

The capital raised through the IPO will be allocated on three lines of priorities.

The new hydro power projects will utilize Rs 600 million of the funds raised. The second priority will be to develop two boutique hotels which will be an Investment of Rs 250 million. The third project will be a commercial property development project which will take an allocation of Rs 600 million.

The commercial property development will provide rentable space in Colombo. The funds will be utilized from April.

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