Emanuele Lauro’s Scorpio Bulkers has raised funds by selling 2.25m shares in sister company Scorpio Tankers.
Scorpio Bulkers sold the shares in the open market via three seperate transactions.
On May 6, it sold 250,000 shares at $19.88 each, on May 7 it sold 1.5m shares at $18.71 each, and on May 8 it sold 500,000 shares at $19.59 each.
The sales raised $42.83m, although didn’t come at a particularly good time in terms of the value of Scorpio Tankers shares which have a 52-week range of $12.35 to $40.45. At the beginning of the year, Scorpio Tankers shares were trading at over $39.