Koc Holding, Turkey’s largest industrial conglomerate, has announced that it will sell a 6.81% stake held in lender Yapi Kredi to institutional investors through an accelerated bookbuild process.
Turkish lira (TRY) 575mn ($21.3mn) of nominally valued shares priced at TRY 11.75 per share have been placed in the bookbuilding for total proceeds of TRY 6.76bn, KOC said in a filing with Borsa Istanbul.
The transaction was expected to settle through an off-exchange transaction on July 28, it added.
“Following the settlement, our direct shareholding interest in the bank is expected to be 20.22% and the total shareholding interest of Koc Holding A.S. and Koc Finansal Hizmetler, our subsidiary with a 40.95% current shareholding in the bank, is expected to be 61.17%,” it added.
Citigroup, JP Morgan Securities and Merrill Lynch International have been authorised to act as joint global coordinators and joint bookrunners for the off-exchange sale to institutional investors.
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