The company, formerly known as Ascot Holdings, aims to use the funds mainly for additional investments, complete debt settlement and for working capital needs, Archie Warman, Executive Director of Lanka Realty Investments, said.

The stock exchange announcement said applications for 31.8 million shares were received. The firm had offered 31.6 million shares at two shares for five at 20 rupees a share.

A company statement said Lanka Realty Investments was encouraged by the growth prospects present in the real estate sector and are pleased with the recent development in the regulatory environment.

The recent Amendment to the Land Restrictions on Alienation Act lifts the restriction of limiting foreign shareholding to 49% on listed companies holding freehold land and will now allow foreigners to hold the controlling stake in listed companies owning freehold land.

“This encouraging development is expected to position Lanka Realty Investments PLC as an investment vehicle for foreign investors to partake in Sri Lanka’s real estate growth story,” the statement said.

A complete re-engineering of the company took place after the takeover of Ascot Holdings in October 2017 by an international consortium of British and local investors, it said.

“We now have free rein in terms of showcasing Sri Lanka’s real estate opportunities to our international investors,” said Hardy Jamaldeen, Executive Director of Lanka Realty Investments.

“Our concrete block and paving stones operation Amtrad Limited, will be streamlined and repositioned to capitalise on major construction projects.

"We are keen on re-commencing our leisure operations via renewed investments in our leisure assets in Yala and Ambalangoda.”