LDK Sells Rest of New Shares at Discount


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.

The article LDK Sells Rest of New Shares at Discount originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in LDK Solar. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.