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Saturday, July 2, 2011

Browns gets Rs.1.3 bn for IPO

A subsidiary of Brown & Company (BRWN) and Taprobane Holdings, Browns Investments that was raising Rs.250 million from an Initial Public Offering (IPO) to allocate funds for a hotel project in Kosgoda claims it received funds amounting to Rs.1.33 billion from the IPO.

In a filing to the stock exchange, Browns Investments said it received payment by bank drafts and cheques for the 94.248 million shares amounting to Rs.471.24 million via 17,476 applications, and bank guarantees for 172.4 million shares amounting to Rs.862 million via 25 applicants.

Browns Investments offered 50 million shares at Rs.5 per share and said it plans to utilize the funds raised from the IPO to develop a star-class hotel, Samudra Beach in Kosgoda.

source - www.dailymirror.lk