The Browns Investments Limited offer for subscribe 50 Million ordinary Voting shares at Rs.5.00 each listing on the Diri Savi Board of Colombo Stock Exchange.
Objectives of IPO
The IPO funds utilized to develop a star hotels in Kosgoda, the hotel will called the Samudra Beach Hotel.
The hotel will be owned, operate and managed by Samudra Beach Resorts (Pvt) Ltd, which is 100% owned by Browns Investments Limited.
The estimated cost of the project is Rs.1.50 Billion. The entirely funded by equity.
| IPO: | 250 Million |
| Private Placement: | 1250 Million |
| Total: | 1500 Million |
The project will be commence in June 2011 and schedule to commercial operations in December 2012.
Private Placement
The Browns Investments Limited made the Private Placement of 830 Million shares at Rs.5.00 each. the private placement generates funds of Rs.4.150 Billion.
Issue opening and closing date
The issue will be open on 23rd June 2011 and will close on 12th July 2011 or on the date the issue is oversubscribed, whichever is earlier.
Minimum Subscriptions
The minimum subscription will be 1000 Shares (Rs.5, 000.00) the Application in excess of 1000 shares should be in multiples of 1,000 shares.
Allotment
The Browns Investments Limited is allot the shares on the following approaches,
| Category | Percentage | No of shares |
| Retail Individual Investors | Minimum 40% of offered Shares | Minimum 20 Million |
| Unit trust investors | Minimum 10% of Offered shares | Minimum 5 Million |
| Non Retail Investors | 50% of offered shares | Minimum 25 Millon |
Listing on CSE
The 50 Million shares of IPO are about 2.69% of the issued paid up ordinary shares of the company. The company is seeking permission to list 1,860 Million Ordinary voting shares in Diri Savi Board of Colombo Stock Exchange.
Prospectus, form and Articles of Association
The Browns Investments Limited published its prospectus, Application form and Articles of Associations, such as,
Prospectus: http://www.cse.lk/270808/pdf/14_06_2011_Browns_Inv_Pros.pdf
Application form: http://www.cse.lk/270808/pdf/14_06_2011_Browns_Inv_App_Form.pdf
Articles of Association: http://www.cse.lk/270808/pdf/14_06_2011_Browns_Inv_Arti.pdf
More information:
http://synergyy.com/2011/06/02/browns-investment-limited-offer-for-subscription/
Leave a Reply