LTL Holdings secures in-principle approval for Rs.20bn IPO

Sri Lanka’s largest independent power producer, LTL Holdings (Pvt.) Ltd, has secured the Colombo Stock Exchange’s (CSE) in-principle approval to list ordinary voting shares, by way of an offer for subscription on the Main Board or Diri Savi Board of the CSE.
The company is planning to raise Rs.20 billion. It contains 1,103,448,300 ordinary voting shares, at Rs.14.50 per share, under the initial issue and another 275,862,100 ordinary voting shares, at Rs.14.50 per share, as a further issue.  
With operations in Sri Lanka, Bangladesh and Nepal and exploring new opportunities in India as well as the African region, LTL operations include both conventional and renewable power generation as well as manufacturing (switchgears), engineering and operations and maintenance.   
The subscription is scheduled to be opened on September 10, this year.
NDB Investment Bank Limited and CT CLSA Capital (Private) Limited have been appointed as the joint financial advisor and manager to the issue.
The copies of the prospectus would be made available to trading participants on September 2, 2024.  (NF)