Blog Archives

Blue Ocean Group buys 60% of Kelsey Developments for Rs. 257m Source : ft Schaffter brothers Prakash and Ramesh exit from 35-year-old real estate developer with over 200 projects Blue Ocean Group yesterday acquired 60% stake in Kelsey Development PLC for Rs. 257 million.  The stake amounting to 10.457 million shares was done at Rs. 24.60. The sellers were Schaffter brothers Praksah and Ramesh who held 30% each.  With the acquisition of control, Kelsey will be a member of the Blue Ocean Group, a pre-eminent real estate conglomerate with a well-balanced portfolio, founded by top professional cum business leader Sivarajah Thumilan who is also the Chairman and CEO. Control of Kelsey was held by Janashakthi Ltd. and related parties. In September the parent Janashakthi Ltd., sold its entire stake of 85.24% or 14.85 million shares Kelsey to its ultimate shareholders Prakash and Ramesh with a view of restructuring the internal balance ...