SC dismisses fundamental rights applications filed against LTL Holdings IPO

Thursday, 28 November 2024 05:28 - - {{hitsCtrl.values.hits}}

The Supreme Court has dismissed three Fundamental Rights Applications Nos. 198/2024, 254/2024, and 263/2024, which challenged the opening of the Initial Public Offering (IPO) of LTL Holdings Ltd., on the Colombo Stock Exchange (CSE).

Upon hearing the submissions of all the Petitioners and the Respondents, the Supreme Court before Chief Justice Murdu N.B. Fernando, PC and Justice E.A.G.R. Amarasekara refused to grant leave to proceed and dismissed all three cases.

LTL Holdings was on course to complete the biggest IPO worth Rs. 20 billion before the litigation.

In September LTL launched its IPO primarily to support two major projects — Rs. 13.5 billion will be utilised to part finance the equity investment towards the construction of a 350 MW combined cycle power plant in Kerawalapitiya (Sahasdhanavi Ltd.), which would be the second power plant to operate on LNG in Sri Lanka and Rs. 6 billion towards investing in a 50% equity stake in the 100 MW Siyambalanduwa Solar Power Project Rividhanavi Ltd.

The IPO was for 22.3% stake or 1,379,310,400 new ordinary voting shares at an issue price of Rs. 14.50 per share and aimed to raise Rs. 16 billion, with a green shoe option to increase the total to Rs. 20 billion. The joint managers and financial advisors to the issue are NDB Investment Bank Ltd.

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