Lanka Realty Investments PLC, formerly known as Ascot Holdings PLC, today said it purchased 47.2 million shares of On’ally Holdings PLC, which constitutes to 50.8 percent for Rs.1.4 billion, paying Rs.30.20 a share. 

On’ally Holdings PLC owns and operates Unity Plaza building in Bambalapitiya.

Renuka Capital PLC, which had 40.7 million On’ally shares, which constituted to Rs.43.8 percent, sold its entire stake to Lanka Realty for Rs.30.20 a share, a market filing by Renuka Capital said.

Urban Development Authority (UDA) owns 41.6 million shares of On’ally, which constitutes to 44.8 percent.

High net worth foreign investors hold over 80 percent of Lanka Realty’s shareholding, while the biggest local shareholder is the Joint Managing Director Hardy Jamaldeen with a 15 percent stake.