Harel, Migdal and Meitav Dash participated in a private raising of NIS 113 million by Gensel

by time news

Jensel has completed raising NIS 113 million in capital for institutional entities. The company, which develops green energy solutions based on fuel cells for generating electricity using hydrogen, intends to use the amount to accelerate activity. The shares were allotted at a price of NIS 9.4, the same price as the price at which the stock closed trading yesterday.

The raising was carried out through a private offering of 10.4% of the company’s share capital (fully diluted) – participated in, among other things, the Harel Group, which becomes a stakeholder in the company following the offering; Migdal Insurance Company and Meitav Dash Investment House.

As part of the offering, the Harel Group invested approximately NIS 60 million, increased its holding and became a stakeholder with a 6.9% share of Jencel shares. The Migdal Group, which was already interested, invested NIS 30 million – it will hold 8.9% as a result of the investment. Meitav-Dash raised NIS 16.5 million and will now hold 2.7% of the shares. The transaction was led by the underwriting company Poalim IBI.

Gensall undertook as part of the capital raising that this year it will not allot shares at a price of less than NIS 11. Unless it is an investment of a strategic investor or as part of a strategic move. In the past year, the company has signed strategic collaborations with Deutsche Telekom in the field of communications, with ABB in the field of energy in markets such as hospitals and trains, and with EV MOTORS in the field of vehicle charging. In addition, the capital raising will support the acceleration of the company’s activities in the field of future fuel development, green ammonia, as part of its cooperation with the Japanese TDK.

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