Two founder promoters yesterday confirmed the purchase of more shares in WindForce Ltd. last week for Rs. 601.6 million.

The Daily FT on Friday exclusively reported the move.

In a filing to the Colombo Stock Exchange yesterday Akbar Brothers confirmed it bought 27 million more shares of WindForce Ltd. for Rs. 492.4 million on 17 and 18 June whilst Hirdaramani confirmed it picked up six million more shares for Rs. 109.2 million on 17 June. WindForce share price closed at Rs. 18.90 yesterday.

The quantities were within the 106.5 million shares traded for Rs. 1.94 billion on Thursday.

The collective quantity of 33 million shares accounts for 2.5% stake in WindForce. The balance was bought by Sweden-based global asset management company Tundra Fonder’s Tundra Sustainable Frontier Fund for over Rs. 600 million.  The move meant Tundra doubling its stake to 5.5% in WindForce, which is Sri Lanka’s largest renewable energy group. 

Akbar Brothers and Hirdaramani held 38.85% and 24.32% respectively as of 31 March. The seller on Thursday was one of the original shareholders, Star Pack Investments Ltd., which as of 31 March held 107.4 million shares or 9.36% in WindForce.

Stock market starts fresh week on mixed note