Hemas Power divests 50% of Heladhanavi for Rs. 532 m

Wednesday, 29 October 2014 00:00 - - {{hitsCtrl.values.hits}}

Hemas Power Plc said yesterday that it has divested 50% stake in Heladhanavi Ltd. for Rs. 531.75 million. The stake amounted to 60 million shares and the deal price was Rs. 8.86 per share and the buyer was Lakdhanavi Ltd. Early this month, Hemas Holdings Plc signed a share sale and purchase deal to divest 75% stake in Hemas Power to a consortium comprising NDB Capital Holdings, ACL Cables, and Trydan Partners for Rs. 1.68 billion. The sale of stake in Heladhanavi, which produces thermal power, was part of the conditions of the larger deal.

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