S Kumars raises $ 50 mn from shares

S Kumars has raised $50 million (R232 cr) through a sale of shares to institutional investors, three sources with direct knowledge of the deal said on Tuesday.

S Kumars has raised $50 million (R232 cr) through a sale of shares to institutional investors, three sources with direct knowledge of the deal said on Tuesday.

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The shares were sold at R80 each, said the sources. The sale price represented a 5.2 per cent discount to its Monday’s closing of R84.35. The sources said demand for the share sale was strong with investors bidding for more number of shares than on offer. Edelweiss Capital, JPMorgan and Antique Capital Markets were the arrangers to the issue, the sources said.