RCL ups Hayleys stake

Wednesday, 2 November 2011 02:59 - - {{hitsCtrl.values.hits}}

Royal Ceramics Plc yesterday increased its stake in Hayleys Plc by 1.76% by acquiring 1.325 million shares at Rs. 380 each from its controlling shareholder Dhammika Perera.

With yesterday’s acquisition, RCL now owns a 6.76% stake in Hayleys Plc. Another block of 0.875 million shares or a 1.1% stake of Hayleys was acquired by Vallibel One Plc, also from Dhammika. Previously Vallibel One held a 1.2% stake in Hayleys.

Related party deals on trade of 2.2 million Hayleys’ shares accounted for the highest turnover of Rs. 836.7 million. The share price closed at Rs. 371, up by Rs. 3.

The divestiture by Dhammika follows him acquiring a 6.13% stake on Friday via the mandatory offer on Hayleys at Rs. 380, thereby increasing the collective control in the diversified blue chip to 47%. Yesterday’s sale amounted to around a 3% stake.

The Daily FT learns that among those who accepted Dhammika’s mandatory offer on Hayleys were longstanding shareholders L.K.B. Godamunne (a former Director) and V. Jayasundera (wife of Hayleys Chairman late D.S. Jayasundera) and related parties though they continue to hold smaller blocks.