Vallibel One IPO employee portion expanded to Sampath, RCL and LB Finance staff as well

Friday, 17 June 2011 01:55 - - {{hitsCtrl.values.hits}}

Vallibel One has decided to consider applications by the staff of Sampath Bank, Royal Ceramics and LB Finance to qualify for allotment under the “employees” category.

The Rs. 533 million worth IPO involving 21.311 million shares at Rs. 25 is now on and employees have been set aside 10% allocation.

Vallibel One Executive Deputy Chairman Nimal Perera told the Daily FT that the Company considers employees of Sampath (in which Vallibel One has 15% stake), and 51% stakes in RCL and LB Finance as part of one family hence the decision to widen the scope in determining qualifications for being eligible to be allotted under Employee Category.

Furthermore, Vallibel is a holding company and at present doesn’t have many employees.

As per SEC’s directive, Vallibel One IPO will allot 40% each to individual retail and non-retail investors and the balance 10% to unit trusts. Early this year VOL successfully concluded a Rs. 4.9 billion private placement, the biggest in history but was snapped up with full applications worth Rs. 7.5 billion.