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Investment Group Raises Stake in Itel Corp. to 24.8%

From States News Service

A group of investors led by a Chicago investment partnership has boosted its stake in Itel Corp. to 24.8%, according to a filing with the Securities and Exchange Commission.

Itel agreed to sell for $22.2 million warrants to buy 4.675 million common shares to the group, which includes SZRL Investments.

The group acquired another 2.4 million Itel Corp. shares in exchange for 1.5 million shares of Itel Rail Corp. and bought an additional 110,000 shares on the open market in August for $3.2 million.

The group now holds the equivalent of 13.1 million shares of the Santa Clara, Calif.-based semiconductor and computer component manufacturer.

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