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July 14 (Reuters) – Aston Martin (AML.L) is closing in on a deal to increase over 500 million lbs . ($589.30 million) by bringing in Saudi Arabia’s sovereign prosperity fund as a big shareholder and launching a rights difficulty for investors, the Monetary Times described on Thursday.
The proposal will end result in Saudi’s Community Expense Fund (PIF) investing up to 200 million kilos for a in the vicinity of 20% shareholding and a seat on the British luxury carmaker’s board, the newspaper claimed, citing two individuals.
The prepared funding also involves a legal rights challenge of at least 300 million pounds, and could be noticeably better, the report mentioned.
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Final month, Financial Moments claimed that PIF, which owns stakes in electrical carmaker Lucid and British supercar group McLaren, was in early talks with Aston Martin about having a stake in the small business. go through extra
Aston Martin declined to comment, even though PIF did not immediately answer to Reuters request for remark outside the house common company hours.
($1 = .8485 kilos)
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Reporting by Aby Jose Koilparambil in Bengaluru Modifying by Shailesh Kuber
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