Royal Bafokeng Platinum’s (RBPlat’s) share price fell 6.63% to R23.50 on Wednesday morning, slightly higher than the R22.50 at which Anglo American Platinum (Amplats) placed them.

Amplats announced on Wednesday morning that it had raised R390m by placing 17.3-million of its Royal Bafokeng shares, equating to 8.8% of Royal Bafokeng’s shares in issue — beating the 6.5% stake it had said it was looking to sell via an accelerated book-build.

Amplats said it still owned 2.6% of Royal Bafokeng after the sale.

The proceeds would be used to fund a plant at Maseve and the Styledrift project at its joint venture at Bafokeng Rasimone, Amplats said.

Amplats’s share price fell as much as 5.4% on Wednesday morning to R331.01.