www.bethelfinance.com
IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman Nochi Dankner, yesterday raised NIS 286 million in the institution tender of its public offering, more than the NIS 250 million it planned to raise. Most of the demand came from foreign investors. The company will use the proceeds to improve its liquidity. The offering's public tender will be held today.
Nochi Dankner and his father, Yitzhak, will invest NIS 20 million in the tender's public stage. Dankner's partners in IDB's controlling core, the Livnat family, will invest NIS 20 million, and the Manor family will invest NIS 10 million. The Manor and Livnat families each own 13% of the company. Other IDB directors and executives will also participate in the offering.
IDB is offering units, each of which comprises six shares at NIS 40 per share and four warrants, for a total of NIS 240 per unit. Two warrants are exercisable at NIS 46 per share in September 2012, and two warrants are exercisable at NIS 64 per share in September 2014.
IDB's offering will increase the share's liquidity, allowing the company to reenter the Tel Aviv 100 Index, three years after it was relegated from the index because the public's stake in the company was below the index threshold.
IDB's share price opened at NIS 38 today, giving a market cap of NIS 1.45 billion.
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