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Israel's Koor raises 600 mln shekels in rights offer

Mon Dec 22, 2008 11:29am EST

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JERUSALEM, Dec 22 (Reuters) - Israeli holding company Koor Industries (KOR.TA) said on Monday it has raised about 600 million shekels ($156 million) in a rights offer to shareholders.

Koor sold 23.7 million shares at 25.3 shekels a share, representing about half of its share capital, it said in a statement.

Parent company Discount Investment Corp (DISI.TA) bought 12.4 million shares to raise its stake in Koor to 60.62 percent from 52.2 percent.

Discount's parent, IDB Development IDBD.TA, also holds 13.35 percent of Koor.

Koor owns 3.4 percent of Credit Suisse (CSGN.VX) and a 41 percent stake in MA Industries (MAIN.TA), the world's largest maker of generic agrochemicals.

Koor's shares closed 4.9 percent lower at 36.56 shekels in Tel Aviv on Monday. ($1=3.84 shekels) (Reporting by Steven Scheer; Editing by Greg Mahlich)



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