Dr. Senthilverl sells 29.6% Vidullanka stake for Rs. 850 m
Wednesday, 11 February 2015 00:40
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High networth investor and the largest shareholder Dr. T. Senthilverl yesterday exited mini-hydro power producer Vidullanka Plc, selling his 29.6% stake for Rs. 850 million.
Deals on Vidullanka accounted for 26% of the day’s turnover as the counter saw six off-board transactions accumulating to 139.2 million shares changing hands at Rs. 6 each.
In total Vidullanka saw 142.157 million shares traded for Rs. 853 million. Dr. Senthilverl’s average cost is estimated to be much lower hence the exit has been at profit.
The major buyer was Aberdeen Holdings and related parties, according to broker to the deal Candor - Wealth Catalysts’ Director Sales and Business Development Mohammed Riyaz.
He said Dr. Senthilverl exited looking for new set of opportunities while he also owns nearly 20% stake in Vallibel Power Erathna controlled by business leader Dhammika Perera. Dr. Senthilverl as at end December 2014 held 13% stake in Vallibel Power, which is one of the best dividend payers in the mini-hydro sector and had recently picked up additional stakes. Vallibel Power Erathna also saw 12 million shares traded for Rs. 99 million with a price gain of 5%.
For Aberdeen Holdings, the venture formed by former founders and directors of Expolanka Holdings Plc, entry into Vidullanka is too on better prospects. The company has finalised plans to set up a 6 MW plant in Uganda. Vidullanka also owns 10% stake in Panasian Power Plc.
Vidullanka has six mini-hydro power plants supplying 38.5 GwH to the national grid. It also has two more plants under construction.
Overall for the mini-hydro sector, the recent quarter has seen a windfall due to improved weather.
Dr. Senthilverl was also on the buying side of Central Industries, collecting 1.3 million shares for Rs. 110.5 million. The seller of that 13% stake was Dinal Wijemanne.
