Electra Real Estate Plans NIS 200 Million Rights Offering; Elco Intends to Participate

Electra Real Estate disclosed a rights offering expected to raise approximately NIS 200 million in gross proceeds if shareholders exercise all rights. Holders of 65 existing shares on the October 16 record date may buy a unit of 14 new shares for NIS 183.26, equivalent to NIS 13.09 per share. Elco, which holds about 48.72% of the company, intends to exercise at least its allotted rights for approximately NIS 94.43 million, but the filing says this intention is not legally binding. Rights trading is scheduled for October 28, and the offering is not underwritten.