Australia's IDT drops most in about 1-1/2 years on discounted placement

IDT Australia

05/06/2023 02:29

** Shares of IDT  IDT.AX  tank as much as 30.2% to A$0.067,
their worst day since Dec 16, 2021     
    ** The pharmaceutical firm says it has received firm
commitments to raise A$5 mln ($3.30 mln) via a share placement
    ** Co says proceeds raised will be used to fund its capital
expenditure program as well as for additional working capital
    ** Issue price of A$0.065 per share is at a 32.3% discount
to the last trading price May 31 
    ** Shares hit lowest since April 12 
    ** Stock has risen 20% this year as of last close


($1 = 1.5163 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))