AJ Bell said on Friday that founder Andy Bell sold 7.5m shares in the investment platform in a placing at 375p each, raising around £28.1m.
Source: Sharecast
The placing was conducted through an accelerated bookbuild, with Deutsche Numis acting as sole bookrunner.
Following completion, Andy Bell will hold just over 77.3m shares in AJ Bell, which represents a stake of approximately 18.7%.
The company is not a party to the placing and will not receive any proceeds.
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