Ithaca Energy's top investors sold their stake at a discounted price; the shares fell 17%

Ithaca Energy's shares dropped nearly 17% after its two biggest shareholders sold a 3% stake at a discount to raise approximately 106 million pounds (roughly $143.2 million).

Peel Hunt, the bookrunner, said that Delek Group of Israel and Eni, an Italian oil and gas exploration company from Italy sold 49.6 millions ordinary shares for 213.75 pence each. The shares were sold by the groups through their UK subsidiaries.

The sale price was 10% below Ithaca's close on Monday of 237.50 pence. LSEG data shows that if losses continue, the stock will experience its biggest one-day decline since the company's return to London in 2022.

The shares of the North Sea Oil and Gas Producer have gained almost 90% this year.

In the last year, the company has increased its production through acquisitions. Recently, it acquired Eni's UK assets in oil and gas and increased its stake in Cygnus Gas Field. This is the UK's largest gas producing field.

According to a statement, Delek and Eni will each hold approximately 36% of Ithaca after the transaction.

(source: Reuters)