Tuesday, June 21, 2011

Sri Lanka's Vallibel One IPO oversubscribed

June 21, 2011 (LBO) - An initial public offer of Vallibel One, a company connected to Sri Lankan businessman Dhammika Perera would close Tuesday after being oversubscribed, the issue's manager said.

Vallible One offered 532.8 million rupees for a 300 room hotel through an initial public offer.

The firm offered 31.2 million shares at 25 rupees to raise 532.8 million rupees to part finance a 5.6 billion rupee hotel.

Earlier in the year the firm raised 4.9 billion rupees through a private placement, also at 25 rupees.

Out of this 2.46 billion rupees will be invested in the hotel company, Greener Waters Ltd, the firm said in a prospectus.

source - www.lbo.lk

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