£143m in Boohoo shares sold by founders

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Boohoo’s founders are set to sell 50 million of their shares, representing 4.3 per cent of the fashion retail group.

Mahmud Kamani and Carol Kane, the joint founders and joint chief executives of the online fashion giant, will sell 35 million and 15 million shares respectively at 285p per share.

Zues Capital and Jefferies acted as bookrunners for the £143 million share sales, made via an accelerated bookbuild placing to institutional investors.

READ MORE: Boohoo upbeat for rest of the year after “record” Black Friday

The Placing Shares were placed at a price of 285 pence per share and were sold to institutional investors in a placing managed by Zeus Capital and Jefferies (the “Placing”), acting as joint bookrunners.

Following the sale, Kamani will retain 152.7 million shares representing 13.1 per cent of the group, while Kane will retain 31 million shares representing 2.7 per cent.

Earlier this week Boohoo, which recently acquired Karen Millen and Coast, posted a 43 per cent jump in revenues for its half year ending August 31.

Though its not clear what has triggered the sale, Boohoo’s shares have risen over 90 per cent this year taking its market value past rival Asos for the first time.

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