Two of the largest shareholders in Kosmos Energy Ltd (NYSE:KOS) have reduced their stakes in the oil & gas group.
The shares tumbled 58 cents to US$7.26 on the news but remain 42% up over the last six months, as Blackstone Group and Warburg Pincus banked some profits.
In all, funds affiliated with Blackstone and Warburg Pincus agreed to sell, in aggregate, 40mln Kosmos shares via a registered underwritten public offering, pitched at US$7.25 a share.
The offer is expected to close on 26 May.
Once the offering is done and dusted, one of the directors nominated to the Kosmos board is expected to resign.