Adaro investors raise $150 million in a sell-down

The deal will greatly increase the number of international investors with a stake in the Indonesian coal miner.

Three existing investors yesterday teamed up to reduce their stake in Indonesian coal miner PT Adaro Energy, raising Rp1.5 billion $150 million in a placement launched and completed before the start of trading in Jakarta.

A total of 1.25 billion shares, representing 3.9% of the company, were sold. The shares were offered in a range between Rp1,230 and Rp1,260 per share, which translated to a discount of 8% to 10.2% versus Tuesday's closing price. The deal was priced at the...

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