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UPDATE 1-Wilbur Ross-led 'blank check' company's units rise slightly in debut

(Updates shares)

June 6 (Reuters) - Shares of WL Ross Holding Corp, a special purpose acquisition company set up by billionaire Wilbur Ross, rose slightly in their market debut.

The company said earlier on Friday that it raised $435 million after selling 43.5 million units for $10 per unit.

Each unit comprises one share and one warrant to buy half a share.

WL Ross units were up 1 percent at $10.10 in late morning trading on the Nasdaq. The unit rose as much as 1.4 percent earlier.

This is the third IPO this year of a so-called "blank check" company, set up for an eventual merger or other business tie-up.

Ross's stake in the company has been diluted to about 20 percent after the offering.

The proceeds of the offering will be used to fund acquisitions, WL Ross said in a statement.

Deutsche Bank Securities and BofA Merrill Lynch were the lead underwriters for the offering.

(Reporting by Amrutha Gayathri in Bangalore; Editing by Kirti Pandey)