R I L Property forays into renewable energy with Panasian Power acquisition

R I L Property PLC yesterday acquired 62 percent of renewable energy player Panasian Power PLC, for Rs.1.65 billion.

R I  L Property acquired 385.5 million shares of Panasian Power through multiple crossings on the Colombo Stock Exchange, at a price of Rs.4.30 per share. 

Panasian Power didn’t have a controlling shareholder.

As the deal triggered the Securities and Exchange Commission’s Takeovers and Mergers Code, R I L Properties yesterday announced a mandatory offer to purchase the remaining shares of Panasian Power, paying Rs.4.30 per share. 

NDB Securities and Asia Securities executed the purchase of shares on behalf of R I L Property.

R I L Property controlled by the Yaseen family has interests in developing and managing Grade A commercial office space and automotive sector via United Motors Lanka PLC.