Israel Corp. (TASE: ILCO), controlled by Idan Ofer, has taken advantage of the sharp rise in the share price of ICL (TASE: ICL: NYSE: ICL) to sell a 1.57% stake in the specialty chemicals company at a 6.4% discount. Israel Corp. yesterday sold 20.17 million shares at $ 10.90 per share for an overall $ 220 million.
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After the deal was completed, Israel Corp’s stake in ICL fell to 44.1%.
ICL’s share price fell 7.03% yesterday on Wall Street to $ 11.11, giving a market cap of $ 15.023 billion. The share price is down 6.23% on the TASE today after falling 0.98% yesterday.
Israel Corp. had planned to sell shares for $ 200 million but raised the amount due to excess demand from institutional investors. The distribution of the shares was handled by Barak Capital together with Bank of America and Citigroup.
Published by Globes, Israel business news – en.globes.co.il – on March 9, 2022.
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