IDB Holding Corp. Ltd. (TASE:IDBH) controlling shareholder Nochi Dankner and his father, Yitzhak Dankner, will personally invest NIS 20 million in the company's NIS 250 million public offering tomorrow. The Livnat family, and the Manor family, both part of IDB's controlling core, will also invest NIS 20 million, and NIS 10 million, respectively.
Altogether, IDB's controlling partners and parties at interest will invest NIS 50 million in the offering - a fifth of the total. The company added that officers in the company and its subsidiaries have informed it that they intend to participate in the offering.
Tomorrow's offering of shares and warrants is part of IDB's effort to increase its cash reserves in order to meet its upcoming bond payments. The company is due to pay NIS 250 million in bond payments through the end of this year. The company will offer units of six shares at a par value of NIS 5 each and four warrants.
IDB's share price fell 1.5% by mid-afternoon to NIS 38.72, giving a market cap of NIS 1.5 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2012
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