Hoegh Autoliners insiders have offloaded stock worth NOK 766m ($70m) in a speedy private placement.

Leif Hoegh & Co (LHC) sold 12.25m shares representing 6.4% of the Oslo-listed car carrier company in an accelerated book-building process that took five hours on Tuesday night.

The stock was priced at NOK 62.50, a sizeable discount to the NOK 72.70 closing price.

LHC is closely associated with chairman Leif Hoegh; deputy chairman Morten Hoegh; and another director, Martine Vice Holter, chief executive of Hoegh Capital.