January 21, 2019 / 7:55 AM / 2 months ago

Israel's BCom raises about 118 mln shekels in private placement

TEL AVIV, Jan 21 (Reuters) - B Communications said on Monday it sold 7.39 million of its ordinary shares in an auction to certain institutional and qualified investors in Israel for about 118.2 million shekels ($32 million).

BCom, the parent company of Bezeq Israel Telecom , said the closing price of each share was about 15 percent higher than the opening price of the auction.

This comes a day after BCom said it was considering a private auction of up to 8 million shares.

In the coming days, in accordance with consents between debt holders of parent company Internet Gold and the trustee of its debentures series, the parties will advance the possibility of a private placement to Internet Gold.

Internet Gold, which owns 64.78 percent of BCom, has been searching for a buyer for its BCom stake since mid-2018 under heavy pressure from bondholders. BCom has a single asset - a 26.34 percent controlling stake in Bezeq. ($1 = 3.6949 shekels) (Reporting by Tova Cohen; Editing by Steven Scheer)

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