COPENHAGEN– Norwegian hydrogen company Nel (NEL.OL), opens new tab late on Monday said it had raised 1.61 billion Norwegian crowns ($154.70 million) through a private placement of 108 million new shares at 14.90 crowns per share, a 9% discount to the stock’s closing in Oslo.
Nel intends to use the net proceeds from the private placement to partially finance the expansion of its Heroeya plant or to begin construction of a new U.S. factory, the company said in a statement.
The group’s shares fell 7.2% by 0859 GMT, lagging a 0.1% rise in the Oslo benchmark index.
“Normally the share price after an equity issue will reflect to a certain extent the pricing in the private placement,” ABG Sundal Collier analyst Haakon Amundsen said.
Nel on Tuesday said it was offering to sell an additional 10 million shares to owners who were not part of Monday’s share sale.
($1 = 10.4005 Norwegian crowns)
SOURCE: Reuters
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