Finance Shares

Apr 19, 2010 (LBO) – Sri Lanka’s Vallibel Finance, whose initial public offering (IPO) was over-subscribed, has given preference to small investors in allocating the shares, a stock exchange filing said. Investors who applied for up to 100 shares will be given all the shares they asked, the company said in a statement.

Those who applied for more than 100 shares will be given shares on a proportionate allotment basis of 100 shares plus 9.89 percent.

The statement said the firm’s board of directors had decided the basis of allotment “is fair to all applicants”.

Vallibel Finance offered 5.2 million shares at 22 rupees each in its IPO in March to raise 114.4 million rupees.

The IPO was to raise funds to reduce financing costs and expand leasing and hire purchase businesses and its branch network.