RIL Property Limited which focuses in offering multi-faceted real estate solutions and owners of Parkland and FoodBuzz plans to raise Rs 960 million from an Initial Public Offering (IPO) of 120 million ordinary shares at Rs eight per share.
The issue will open on April 4 with minimum subscription per application being 100 shares. The funds raised through the IPO will be utilized for the refurbishment of Readywear Building with a fund utilization of Rs 694.1 million and the expansion of BreadTalk outlets with a fund utilization of Rs 265.9 million.
Subsequent to the successful development of Parkland in September 2015, RIL now intends to refurbish the Readywear Building in Colombo 2 with a target completion in June 2018. Similarly a expansion of BreadTalk outlets managed under FoodBuzz (Pvt) Ltd a fully owned subsidiary of RIL has been planned with an estimated cost of Rs 550 million over the next five financial years and was to be executed in two phases with completion of the overall plan expected in FY 2020/21.
One of RIL Property’s most recent and successful ventures is Parkland, a 22-storey contemporary and luxurious office space located in the heart of Colombo with a roof top that provides a view of Colombo’s exquisite skyline.
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