Nov 04, 2010 (LBO) – A share issue by Sri Lankan liquid petroleum gas supplier Laugfs Gas to raise 2.5 billion rupees was oversubscribed on the opening day Thursday itself, its promoters said in a stock exchange filing. Merchant Bank of Sri Lanka, Managers and Registrars to the IPO, said the issue would be closed at 4.30 p.m. Thursday.
Laugfs has said it wants to raise funds to settle debt, expand facilities and enter property development as the country recovers from a war.
The 22 percent stake offered in the IPO is to be listed on the second board of the Colombo Stock Exchange.
The firm offered 75 million voting shares at 23 rupees each and 52 million non-voting shares at 15 rupees each.