Renuka Capital triggers Takeover Code at On’ally Holdings

• Buys 12.25% stake for Rs. 103 m to increase holding to 35% from 23%

Renuka Capital Plc yesterday triggered the SEC Takeovers and Mergers Code when it increased its stake in On’ally Holdings Plc to 35.3% from 23% previously.

It bought 12.25% stake or 2.14 million shares at Rs. 48 each in a deal worth Rs. 103 million. The net asset value per share of the company is Rs. 109. 

The stake bought was that of the Estate of the late Onally Gulamhusein.

In September last year, Renuka Capital entered On’ally Holdings when it bought the 23% stake at Rs. 43 per share. The seller was Ceylon and Foreign Trades Plc, whose stakes were pledged with Pan Asia Bank and Commercial Bank. 

The major shareholder of On’ally Holdings, which owns and manages the Unity Plaza Complex in Bambalapitiya, is the Urban Development Authority holding 47.6% stake. The public holding of the company is 46% held by 897 shareholders.