ERI, Taprobane cross deals worth Rs. 3.6 b go through

Tuesday, 20 November 2012 00:44 - - {{hitsCtrl.values.hits}}

Turnover at the Colombo Bourse yesterday was boosted by the execution of cross deals worth Rs. 3.6 billion by Environmental Resources Investments Plc (ERI) and Taprobane Holdings Plc (TAP).

TAP sold 353 million ordinary shares (19% stake) in Browns Investments to ERI for Rs. 1.94 billion at Rs. 5.50 per share and acquired 101 million shares (29%) in ERI from Lionhart Investments for Rs. 1.68 billion or Rs. 16.70 per share.

Shareholders of TAP on Friday at an EGM gave approval for the deal.