B&M European Value Retail SA (LSE:BME) fell sharply on Wednesday after SSA Investments sold 27.8 million shares in the discount retailer via a placing.
Shares in B&M fell more than 5% as the shares were placed in the market at 582.5p per share, a 3% discount to last night’s closing price.
The firm raised £162.1 million through the issue, which equates to around 2.8% of B&M's share capital.
The shares were sold via Goldman Sachs (NYSE:GS) International and Rothschild and after the sale, SSA will still hold around 3.4% of B&M’s ordinary shares.