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. |