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Israel Discount Bank sees strong demand in capital hike

'soffering of stocks andoptions saw demand of about 1.3 billion shekels, with the bankraising roughly 700 million shekels in the investment institution stage, Globes reported Sept. 27.

Ofthe 700 million shekels, 560 million shekels will be received as immediateconsideration prior to the exercise of warrants, Reuters reported the same day.The share price was set at 6.93 shekels per share.

Demandfor shares amounted to 744 million shekels, of which 480 million shekels wereraised, according to Globes. Demandfor options reached 180 million shekels, which would total 540 million shekelsif fully exercised; the bank will actually raise 224 million shekels of theamount.

Amongothers, the options were designated for large investors currently holding a 5%stake in the lender. In June, the the cap on the number ofshares in lenders that institutional investors can hold to 7.5% from 5%,subject to obtaining a permit from the central bank's governor.

RanOz, the bank's head of financial markets, managed the offering, which was ledby Discount Underwriting and Investment, the paper added.

As of Sept. 27, US$1 wasequivalent to 3.75 Israeli shekels.