By Mario Andree
Ceylon Finance Today: Softlogic Holdings and one of its subsidiaries, Softlogic Retail, prepare to invest another Rs 3.3 billion to acquire 100% control of Odel, after purchasing 45.16% stake for Rs 2.7 billion from Otara Gunewardena and her siblings.
Softlogic Holdings and Softlogic Retail acquired 122,894,000 ordinary voting shares (61,447,000 each) at a price ranging from Rs 21.80 to Rs 22 per share from Otara, Ajit and Ruchi Gunewardene.
To acquire the balance 149,235,431 shares, the two companies have submitted a mandatory offer at a price of Rs 22, the highest price paid to acquire the 45.16% stake in Odel.
Soft logic holdings will acquire 74,617,716 remaining shares while the balance 74,617,716 shares in circulation will be absorbed by Softlogic Retail.
Odel became the first fashion retail business to be listed on the Colombo Stock Exchange with an IPO of 16.7 million shares, an 11.52% stake in its equity in July 2010.
www.ceylontoday.lk
Ceylon Finance Today: Softlogic Holdings and one of its subsidiaries, Softlogic Retail, prepare to invest another Rs 3.3 billion to acquire 100% control of Odel, after purchasing 45.16% stake for Rs 2.7 billion from Otara Gunewardena and her siblings.
Softlogic Holdings and Softlogic Retail acquired 122,894,000 ordinary voting shares (61,447,000 each) at a price ranging from Rs 21.80 to Rs 22 per share from Otara, Ajit and Ruchi Gunewardene.
To acquire the balance 149,235,431 shares, the two companies have submitted a mandatory offer at a price of Rs 22, the highest price paid to acquire the 45.16% stake in Odel.
Soft logic holdings will acquire 74,617,716 remaining shares while the balance 74,617,716 shares in circulation will be absorbed by Softlogic Retail.
Odel became the first fashion retail business to be listed on the Colombo Stock Exchange with an IPO of 16.7 million shares, an 11.52% stake in its equity in July 2010.
www.ceylontoday.lk
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