Whitehaven Coal Limited
(ASX:WHC) has sold a 9.9 per cent stake in the group to Farallon Capital Management.
Whitehaven will use the funds to pay down debt, according to a statement to the ASX.
Farollon says, pending the approval of the Foriegn Investment Review Board, it will seek to acquire a further 1.6 per cent stake in Whitehaven.
The move would take its stake to 16.62 per cent.
The shares were sold for $2.96 each and media reports say the stake that was sold belonged to Nathan Tinkler.
Whitehaven Coal posted a net loss of $47 million in the first half of this financial year.
