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Sri Lanka’s Orient Finance IPO backed by Janashakthi  

Feb 18, 2016 (LBO) – Sri Lanka's Orient Finance initial public offering was backed by Janashakthi Insurance given the trying market conditions for raising capital, a senior official said.
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“The biggest investor was the parent company (Janashakthi Insurance) because the way the restructuring went; during the amalgamation the parent had a cash out of their shares in the former Orient Finance,”  Ramesh Schafter, director of Orient Finance told Lanka Business Online. “They had a commitment to re-invest; it was a deliberate thing, because in these market conditions rising capital would be a challenge.” They reinvested the maximum permitted which is 90 percent of the present issue which in turn was 80 percent of the initial public offering value, he added. The firm’s IPO had received applications for shares worth 986.9 million rupees on the opening day in January 2016 with the company offering 71.5 million voting shares at 15 rupees a share to raise 1,072.5 million rupees.

It received 262 applications for shares worth 136 million rupees, and one application for 850.9 million rupees.

On its debut today, the stock is trading at 15.10 rupees, up 0.10 rupees, on turnover of just 67,000 rupees. The Central Bank approved the amalgamation of Orient Finance and Bartleet Finance with the latter as the continuing entity in May 2015.
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Janashakthi purchased 6,639,998 voting ordinary shares of Bartleet Finance from the major shareholder of Bartleet Transcapital constituting approximately 86.79 percent of the voting rights of the company on 22 January 2015 for 875 million rupees.
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