Renuka Capital ups stake in Unity Plaza owners; triggers mandatory offer

Renuka Capital PLC, formerly Kalamazoo Systems PLC, this week bought 2.1 million shares or 12.25 percent of On’ally Holdings PLC, the owners and operators of the Unity Plaza building in Bambalapitiya, for Rs.103 million.

The seller of the shares was the estate of the late On’ally Gulamhusein.

The deal increased Renuka Capital’s holding in On’ally to 35.29 percent, triggering a mandatory offer requirement under the Securities and Exchange Commission’s Takeovers and Mergers Code.

Renuka Capital PLC has been collecting On’ally Holdings shares since it bought a 23 percent stake in the company last September for Rs.173 million.

As at September 30, 2017, the net asset per value per share of On’ally Holdings was Rs.108.84.

As of now, On’ally Holdings doesn’t have a controlling shareholder and the largest shareholder is the Urban Development Authority with a stake of 47.6 percent of the issued shares of the company. 

Renuka Capital is a holding company focused on investing in equity, debt and other classes of instruments.