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(Alliance News) - Diploma PLC on Wednesday said that it has raised GBP194 million through a previously announced share placing, subscription and retail offer.
The company on Tuesday had announced the equity raise to fund the proposed GBP357 million acquisition of Chicago-based Windy City Wire Cable & Technology Products LLC.
Diploma, which manufactures medical diagnostic instruments, seals and cables, has placed 11.1 million new ordinary shares at 1,711 pence per share, raising GBP190 million.
Shares in Diploma were up 22% at 2,088.00p each in London on Wednesday morning. With Wednesday's gain, the FTSE 250 stock now is up 3.2% since the start of 2020.
Diploma said each of its directors subscribed 15,484 shares in total under a subscription agreement, raising GBP265,000. In addition, retail investors subscribed 222,200 shares, raising GBP4 million.
In total, the placing, subscription and retail offer comprised 11.3 million new ordinary shares and the share issue price is equal to the closing share price of 1,711p on Tuesday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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