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Modiin Energy LP (TASE:MDIN.L), controlled by Yitzhak Sultan and Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), today notified the Tel Aviv Stock Exchange (TASE) that it has raised NIS 19.9 million in a rights issue. The amount raised is well above the NIS 8 million that it company needed to be taken of the TASE's restricted list.
Yitzhak Sultan exercised his full rights in the issue to increase his holding in the limited partnership, buying 20 million participation units at NIS 0.01 per unit and 50 million warrants for NIS 200,000. He now holds 125 million units and 335.5 options.
Modiin Energy issued 99.6 units, each comprising 1.99 billion participation units and 4.98 billion Series 5 warrants. The rights issue was 99.9 percent exercised.
Modiin Energy's removal from the watch list is now only a technical matter that will probably be completed as early as Sunday.
Modiin Energy's share rose 9.1 percent today to NIS 0.036, giving a market cap of about NIS 80 million.
