LDK Sells Rest of New Shares at Discount
Mar 26th 2013 9:45PM
Updated Mar 26th 2013 9:52PM
LDK Solar has sold the second block of a recent two-part share issue. As with the first tranche, the buyer is financial concern Fulai Investments. The purchase price of the 12 million shares was $15.36 million, or $1.28 per share. This represents a nearly 30% discount to what Fulai paid for the first tranche of 5 million shares.
This past January, the two companies agreed that LDK would sell a total of 17 million new shares, or approximately 12% of the company.
Following the fresh purchase, Fulai now has the right to designate two non-executive directors to the solar company's board.
The China-based solar-panel maker said it will use the proceeds of the issue for "general corporate purposes." It did not elaborate.
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