716 views

Following the conclusion of the mandatory offer, RIL Property has increased its stake in Panasian Power PLC to 74%. 

RIL originally acquired a 61.67% stake (385.46 million shares) via a series of cross transactions at LKR 4.30 per share on the 9th of July for a total consideration of LKR 1.65 billion. Major sellers in the July deal included Dilanka Jinadasa, who held 27%. Emerald Sri Lanka Fund, which had 20%, and Senthilverl Holdings, which had a 14.4% stake were among the major sellers. 

The mandatory offer saw RIL acquire a further 12.38% stake (77.4 million shares), bringing the total stake to 74%. As of 30th June, the public float of PAP was divided among 6792 shareholders who held a collective 33% stake.