Playtech Plc placed 29,050,000 ordinary shares, or a 9.9% stake in the company, to raise £250 million and fund the acquisition of online trading services provider Plus500 Ltd.

The shares placed at 780p per Placing Share raising gross proceeds of approximately £227 million (before expenses).

Earlier this month, the software developer said that it would purchase the FX broker for the amount of £460 million.

Playtech founder Teddy Sagi, who is holding a 33.6% stake in Playtech via Brickington Holdings Company, will take up 33.6% of the placing to maintain his present shareholding. Sagi also said that he is ready to aid the Plus500 purchase by contributing as much as $100 million of personal funds.