Intellectual property-based business IP Group said it had sold part of interest in portfolio company Ceres Power after Bosch had upped its holding in the latter to around 18%, up from around 4%. Bosch had subscribed for new Ceres shares as well as purchasing existing shares from current investors. IP Group said it had generated £22.4m through the partial sale of its holding. The balance of its holding was valued at £75.3m, based the closing price of Ceres Power of 347p per share on Tuesday. Ceres Power, meanwhile, said the sale to Bosch had generated gross proceeds for the company of £38.0m, It said the funds would be used to consolidate its position in fuel cell systems and expand its technology into complementary areas, including potential solid oxide electrolysis applications. Following the sale, IP Group held an undiluted beneficial stake of 14.1% in Ceres, though following the issue of new shares, and assuming that Weichai Power exercises anti-dilution rights, its resultant shareholding would fall to about 12.8%. At 1:05pm: (LON:IPO) IP Group PLC share price was +2.7p at 70.1p
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