July 21, 2010 / 5:34 AM / 9 years ago

Linc Energy soars as coal asset suitor seeks $850 mln

MELBOURNE, July 21 (Reuters) - Shares in Australia’s Linc Energy LNC.AX soared 18 percent in heavy trade on Wednesday after a suitor for one of its coal assets raised $850 million in a share sale to institutional investors. [ID:nBMA008039]

Adani was reported last week to be close to buying one of three coal tenements that Linc has been trying to sell for some time, with the price said to be around $1 billion.

Linc Energy’s chief executive and a spokesman were not immediately available for comment. (Reporting by Sonali Paul and Fayen Wong)

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