The sale is managed by NDB Investment Bank, a unit of listed NDB Bank, group which also completed the island's largest IPO so far for Dialog Axiata, Sri Lanka largest mobile firm.
Vajira Kulatilake who heads the investing banking operations of NDB said a part of the issue would also be placed overseas.
NDB this week struck a deal with Singapore's DBS Bank gain access to it distribution channels and for the two co-operate in large equity and debt sales and mergers and acquisitions.
Eric Ang who heads DBS Bank's capital markets division said the bank would be helping in IPOs managed by NDB.
"What DBS can do is to showcase this opportunity to our investor base in Asia," Ang said.
"DBS customers will now have an opportunity to look at NDB's investment opportunities from Sri Lanka."
Ang said there was a lot of liquidity in Asia that was looking for a home though valuations have come down over the past two years. A company that has a strong competitive edge could however stand out.
People's Leasing Company group posted profits of 2.6 billion rupees in the year to March 2011 on revenues of 10.6 billion rupees.
The group had gross assets of 63.8 billion rupees and equity of 8.4 billion rupees.
source - www.lbo.lk