Lotus Renewable to make mandatory offer for Browns Hydro Power

July 18, 2016 (LBO) - Lotus Renewable Energy (Private) Limited says it will make a mandatory offer to buy shares of Browns Hydro Power PLC after purchasing 72.13 percent shares in the company. The company purchased 73,690,212 shares at seven rupees per share on July 13, leading up to the trading floor announcement under Rule 7 of the Company Take-overs and Mergers Code.
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Lotus Renewable Energy, incorporated in February this year, said it offers to purchase from the shareholders of Browns Hydro the remaining 30,397,900 issued shares at a price of seven rupees per share. Dr T. Senthilverl the holder of 13,323,770 shares in Browns Hydro has informed the Company in writing that he would not be accepting any offer to purchase his shares, a statement filed with the Colombo Stock Exchange said. Last week, LOLC Securities informed the Colombo Stock Exchange that their client Browns Power Holdings (Private) Limited, fully owned by Browns Capital PLC, had purchased 60.3 percent of Agalawatte Plantations PLC on 14th July 2016 from Mackwood Plantations (Pvt) Ltd for 304 million rupees, in a separate transaction.