18 billion rupees. The broking firm TKS Securities said 29.5 million shares were bought at 40 rupees each.
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Sri Lanka's tourist arrivals have been up since the end of a war in 2009. Though revenues have improved the firm is burdened by debt and accumulated losses.
A debt to equity swap has been proposed to strengthen the balance sheet.
Dubai-based Galadari family were the main promoters and key shareholders of the hotel.
According to earlier reports Dubai government took a 30 percent stake in the Galadari group, which also owns the Khaleej Times newspaper.