3rd Jun 2015 08:57
LONDON (Alliance News) - IMImobile PLC Wednesday said the lock-in provisions placed on the holdings of First Mark India Mauritius IV Ltd and Sequoia Capital India Investment Holdings III have been lifted ahead of schedule and the pair have sold shares.
IMImobile said the lock-ins had been set to remain in place until June 27, but they have been lifted in order to satisfy investor demand.
First Mark sold 2.3 million shares in the company at 120 pence per share, or a 4.81% stake, while Sequoia sold 4.7 million shares at the same price, or a 9.7% stake.
First Mark will have a 4.8% stake in the company following the sale, while Sequoia will no longer hold any shares in the business.
Shares in IMImobile were untraded on Wednesday, having last traded at 120.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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