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Thursday, January 13, 2011

HVA Foods IPO oversubscribed

The Rs. 319 million initial public offering of HVA Foods Pvt. Ltd was oversubscribed on the first day yesterday (12) and its subscription lists closed at 4.30 p.m., a stock exchange filing said.

The company exports value added ready-to-drink teas under the Helediv brand, which it plans to acquire with the funds raised through the IPO.

Rs.45 million would be used to acquire the Helediv brand, Rs. 95 million to reduce gearing, Rs. 102 million to upgrade its iced tea manufacturing plant, Rs. 76 million to expand existing facilities and balance would be used to finance working capital.

source - www.island.lk