Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, raised NIS 137 million this evening in a shares and options issue to the public. The issue took place at a minimum price of NIS 100 per share, with demand for about NIS 46 million that was below the minimum price, not taken up. Tshuva himself took part in the issue and bought shares worth NIS 30 million, as promised in the prospectus.
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Delek Group promised bondholders this week to raise at least NIS 400 million in 2020 of which NIS 300 million would be raised by mid-July and at least NIS 100 million by the end of May. Figures from the offering show that realizing options that were issued together with the shares, will increase the overall amount raised to more than NIS 200 million, so that Tshuva has already raised more than half of the sum promised for 2020.
The success of the fund raising today represents a first successful stage in in completing the plan for exchanging the trustee notes of bonds that Delek agreed with the bondholders. Now Delek will try to obtain approval from the banks and the bondholders meeting to complete the move that will provide him with a year of quiet from creditors.
Published by Globes, Israel business news – en.globes.co.il – on May 18, 2020
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