Thursday, July 28, 2011

Browns Investments stabilises

This week’s debutant Browns Investments Ltd., stabilised yesterday with only 6.45 million shares traded before closing 10 cents up to Rs. 4.90. It hit an intra-day high of Rs. 5.10.

On its debut BIL saw 75 million shares traded before closing at Rs. 4.80, which was 20 cents below IPO price.

Perhaps defending the stock or seeing greater value BIL promoters or connected parties were the biggest buyers on debut. Daily FT learns Taprobane Holdings and Brown and Company bought 20 million shares each and LOLC bought 10 million shares. Among sellers were Associated Electricals, Nimal Perera and Confifi Capital.

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