Wall Street Journal
January 3, 2011
Greece's Piraeus Bank SA, the country's fourth-largest lender, said Monday its long-awaited €800 million rights issue will be priced at €1 a share, representing a sharper than expected 43% discount to its recent share price and suggesting underwriters feared a lack of investor appetite for the issue.
Piraeus aims to raise up to €1.05 billion in fresh capital to shore up its balance sheet. Apart from the rights issue it expects to get €250 million from convertible bonds.
"The board decided that 807 million shares will be issued at a subscription price of €1 at a subscription ratio of 12 new ordinary shares for every five existing shares," Piraeus said in a statement.
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