Registered: Mar 2002
10-09-12 05:38 AM
Spain's Popular to issue up to 6.25 bln shares in capital hike
MADRID | Mon Oct 8, 2012 5:59pm EDT
2.5 billion EUR
6.25 billion shares
equals implied price 0.40 EUR
last price 1.47 EUR
implied discount to last price is about 73%
"Spain's Banco Popular, will issue up to 6.25 billion shares to raise capital after failing a stress test, the bank said in a stock market filing on Monday"
"The bank said on Monday it would hold a special shareholders' meeting in Madrid on Nov. 10 to discuss the share issue plan."
"A spokesman for Popular said the discount was not fixed and will depend on demand from the investment banks involved in the capital hike."
"Popular's Chief Financial Officer Jacobo Gonzalez-Robatto said last week that the discount on the bank's shares could be up to 50 percent."
Current share count 2,047.38 million