A share issue by RIL Property Limited (RIL), at Rs 8 a share was oversubscribed on the opening day Tuesday.
RIL Property offered 120 million ordinary voting shares in the Initial Public Offering to raise Rs. 960 million.
RIL shares are expected to be traded on the Colombo Stock Exchane during the first week of May subsequent to processing the applications and payment of refunds, statement said.
“We intend to execute our business plans to cater to the strong demand for commercial office spaces in Colombo and create value to our investors,” RIL CEO Hiroshini Fernando said.
The funds raised are to be used to refurbish an existing building adding 60,000 square feet of office space to the company’s portfolio and to expand the operations of Foodbuzz , its fully owned subsidiary holding the BreadTalk franchise in Sri Lanka.
NDB Capital Holdings Limited, the cornerstone investor, has committed to subscribe for up to 25,000,000 shares amounting to Rs 200 million.
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