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Photo: Sivan Farag
Nochi Dankner, IDB
Photo: Sivan Farag

After strong round, IDB is back on TA 100

Second round will increase public's stake in the company to 20% after a control dilution. IDB share climbed 1% on TASE; Calcalist also learned that company does not plan to raise more than the NIS 342 million

IDB Holdings' comeback to TASE 's TA 100 index is expected in the next index update thanks to the dilution of controlling shareholders' stock. On Wednesday, the company completed the institutional phase of the round with demand beating expectations at NIS 286 million.

 

Following the public round that is expected to end Thursday, the public's holdings in IDB will grow to 20%, paving IDB's way back to TASE's 100 leading company index, the TA 100. Even without subsidiary dividends, IDB subsidiary Clal Industries' financial robustness is assured up to 2013, an analysis of the group's financial situation shows.

 

Clal also learned that IDB does not plan to extend the round beyond the NIS 324 million it raised.

 

Among the participants in the funding round were Goldman Sachs, Citibank, Deutsche Bank and Morgan Stanley that poured considerable funds into the round, as well as Zvi and Joseph Williger, controlling shareholders of Willi Food, with a demand of NIS 5 million and foreign investment fund Renaissance with NIS 40 million.

 

Nochi Dankner and father Izhak put in NIS 20 million; the Livnat family put up a similar sum and Yair Hamburger invested NIS 2 million.

 

IDB held the secondary round in order to make up for NIS 250 million in cash it needs to meet its financial obligations to its bondholders and banks in 2012. The funds, along with Clal Industries' dividends were expected to enable the company to repay the debt to IDB Holdings' shareholders by June 2013.

 

IDB bonds are traded on over 1% gains on TASE.

 

Read this article in Hebrew

 

 


פרסום ראשון: 02.29.12, 14:54
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