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Wednesday, October 27, 2010

Power IPO oversubscribed

The Initial Public Offering (IPO) of Hydro Power Free Lanka Ltd was oversubscribed within a few hours after opening yesterday morning.

Subscriptions opened for the Rs. 350 million IPO at 9 am and by 11.38 am the Colombo Stock Exchange was notified by the registrars of the issue that the offer was oversubscribed. Subscriptions closed at 4.30 pm and the basis of allotment would be notified later.

Hydro Power Free Lanka hopes to commence construction work on three hydro power plants within the next 14 months.

source - www.island.lk