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Tekcapital Stake In Belluscura Falls To 48% After Fundraising

Wed, 3rd May 2017 13:42

LONDON (Alliance News) - Tekcapital PLC on Wednesday said its investee company Belluscura Ltd has raised USD1.7 million in a private placement, which has resulted in Tekcapital's stake in Belluscura being reduced.

Tekcapital's stake in Belluscura, a medical devices firm, has fallen to 48% from 61%, meaning it will no longer consolidate Belluscura into its group accounts.

Tekcapital noted that Belluscura is exploring an initial public offering in 2017. Belluscura raised the funds at 51 pence each, giving it a post-fundraising valuation of around USD7.6 million, which Tekcapital said was a USD2 million uplift since its last fundraising in October 2016.

Shares in Tekcapital were flat at 36.50 pence Wednesday.

By Hana Stewart-Smith;; @HanaSSAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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