Riverdeep, the Irish educational software firm, has raised $125m through the placement of 29 million shares after non-executive chairman Mr Patrick McDonagh reduced his stake in the company from 38.7 to 24.4 per cent.
The shares, which were placed at a price of euro 4.97, increased the company’s freefloat - the amount of shares available for trade - to around 50 per cent.
Riverdeep’s shares were trading 38 cents down this afternoon on the ISEQ at euro 4.97.