An offering of $5,000,000 seven percent Convertible Debentures, due 1983, is being made by “Isras” Israel-Rassco Investment Company, Limited, Tel Aviv, according to a registration statement filed with the Securities and Exchange Commission, Washington, D. C., which became effective this week.
The offering comprises a rights issue to holders of the company’s ordinary shares for an aggregate of $3,063,240 at a price of 95 percent, expiring in 30 days. The remaining $1,936,760 together with any portion of the debentures not subscribed for under the rights offering are being offered to the general public at a price of 100 percent. Proceeds of the offering will be used for furthering the company’s projects in Israel. The offering is underwritten on a best efforts basis by Rassco of Delaware.
“Isras” was founded in 1950 by “Rassco” Rural and Suburban Settlement Company, Ltd., Tel Aviv. It buys, holds, leases or manages housing projects, office buildings, commercial centers, hotels, supermarket buildings, citrus plantations and mortgages real properties. Most of this activity is in conjunction or in cooperation with Rassco. The properties of Isras and its wholly owned subsidiaries at the end of last September totaled approximately $8,000,000.
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