People's Leasing & Finance PLC (COSE:PLC.N0000) agreed to acquire a 33% stake in First Capital Holdings PLC (COSE:CFVF.N0000) from Janashakthi PLC for LKR 5 billion on June 8, 2023. Under the terms, 133.65 million shares will be acquired at a price of LKR 37.10 per share in cash. Transaction is subject to approval from Central Bank of Sri Lanka and any or other regulatory authorities.

If the transaction is not sanctioned, People's Leasing will be obliged to make a mandaroy offer to the remaining shareholders of First Capital Holdings PLC.