NSB enters Browns

Savings giant NSB on Friday bought an estimated near 1% stake in Brown and Company for Rs. 190 million.

On Friday 616,400 shares of Browns traded for Rs. 196 million. Of this amount 599,000 shares or 0.8% stake were traded via crossing at Rs. 318 each including a big block of 536,000. The Browns share closed at Rs. 314.50, down by 60 cents.

It was NSB’s first stake in Browns whilst sellers included Harsha de Silva and connected parties.

Overall last week 1.158 million Browns shares traded for Rs. 368 million though the closing price reflects a dip of Rs. 4.20 from Rs. 318.70 the previous week.