More than 70 million shares in Distribution Finance Capital, which were worth almost £30m, have sold.
The move saw over 70.6 million shares in the Manchester-headquartered bank sold at a price of 40p each, representing about 39.38% of its issued share capital.
In a statement issued to the London Stock Exchange, the business said the placing "was oversubscribed" and received "high levels of support from new and existing blue-chip institutional investors".
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Seller Arrowgrass Master Fund confirmed it "no longer holds any ordinary shares in the company".
Distribution Finance Capital added that it was not a party to the placing and will not receive any proceeds.
Other major shareholders in the company include Watrium AS, Liontrust Asset Management and Premier Miton Group.
