By Sheri Kasprzak
New York, April 10 - Eredene Capital plc said it has settled a £57,107,000 private placement of stock to help support its plans to invest in and develop real estate in India.
The offering includes 228,428,000 shares at 25p each.
The shares represent 93.34% of the company's enlarged issued share capital and the price per share is a 3.8% discount to the company's 26p closing stock price on April 7.
HSBC Bank plc is the placement agent.
Proceeds from the deal will be used for investment opportunities in tier 2 and 3 cities in India, according to a statement from Eredene released Monday morning.
Based in London, Eredene Capital is an investment company focused acquiring other businesses, particularly in Asia and Australia.
| Issuer: | Eredene Capital plc
|
| Issue: | Stock
|
| Amount: | £57,107,000
|
| Shares: | 228,428,000
|
| Price: | 25p
|
| Warrants: | No
|
| Placement agent: | HSBC Bank plc
|
| Settlement date: | April 10
|
| Stock symbol: | London: ERE
|
| Stock price: | 26p at close April 7
|
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