Hemas Power said on Friday that its Initial Public Offering to issue 31,300,000 ordinary shares was over subscribed by nearly 3.7% on the first day at the maximum book-build price of Rs. 20. The total number of applications received was 8,552 amounting to approximately Rs. 2.3 billion. Among the investor categories were local and foreign funds, and, local and foreign retail investors.
Expressing delight at the oversubscription, Chairman of Hemas Power, Husein Esufally said, “The Board of Directors joins me in thanking everyone who has placed their confidence and trust in Hemas Power.
With the country’s economic climate on a positive and upward trend since the opening of the North and East, the forward journey is both challenging and exciting. We are thus confident that those who participated in this offering will benefit, as they share in our future”.
Rajan at Royal
Ceramics
Well known accountant Rajan Asirwathan has been appointed to Royal Ceramics as an independent director with effect from September 25, the company said.
Zavahir at Pan
Asia Bank
Zulficar Zavahir, who retired as CEO from Nations Trust Bank (NTB) has joined Pan Asia Banking Corporation (PABC) as a consultant, PABC officials said on Thursday. “He has joined us from this month,” Nimal Perera, Deputy Chairman PABC said. Mr Zavahir retired on the back of a huge foreign exchange loss at the NTB. |
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