(Reuters) -Ithaca Energy shares fell nearly 17% on Tuesday after its two largest shareholders sold an about 3% stake in the company at a discount, raising roughly 106 million pounds ($143.2 million).
Israeli energy investor Delek Group and Italian oil and gas explorer Eni offloaded 49.6 million ordinary shares at 213.75 pence per share, bookrunner Peel Hunt said. The groups sold the shares through their UK units.
The sale was priced at a 10% discount to Ithaca’s Monday close of 237.50 pence. If losses persist, the stock is on track for its steepest one-day drop since the company’s 2022 return to the London market, LSEG data showed.
Shares of the North Sea oil and gas producer have gained nearly 90% so far this year.
The company has been boosting production via acquisitions in the past year. It recently bought Eni’s UK oil and gas assets and increased its stake in the Cygnus gas field, which is the single largest producing gas field in the UK.
Following the transaction, Delek will hold about 50.5% of Ithaca and Eni nearly 36%, according to the statement.
($1 = 0.7402 pounds)
(Reporting by Ankita Bora and Yamini Kalia in Bengaluru; Editing by Sonia Cheema)
