The institutional investors who a year ago participated in Kardan Capital Investments notes and option warrants offering, have recently exercised warrants, upping company coffers by NIS 18.8 million, TheMarker has learned.

The institutional investors who had participated in the notes and option warrants offering in January and February 2001 have exercised almost all the options issued to them at the time.

These institutionals, including advanced training funds and pension funds, paid an exercise price of NIS 12 per option. In the wake of this exercising of options, the company's outstanding share capital increased by 1.568 million shares.

Most of the announcements on the exercising of options, relating to exercising a volume of over 900,000 options, were filed today, the last date for exercising the options. 30,000 options that were not exercised, expired.

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The exercise of the option warrants by the institutional investors was expected because today Kardan trades at NIS 15.2 per share, NIS 3.2 higher than the exercise price.

A year ago Kardan was trading in the range of NIS 10.2 to NIS 11.7 per share.