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Italy's Pirelli & C Real EstateSpA's capital increase, which closed on Friday, was99.4 percent subscribed, raising 397 million euros in freshfunds, the company said on Tuesday.
Tyre group Pirelli & C SpA , Pirelli RE's 58percent shareholder, took up all its rights in the deeplydiscounted 135-for-7 rights issue priced at 0.50 euros pershare, it said in a statement.
"Pirelli & C has subscribed to part of its share byconverting into capital part of its financial credit to PirelliRE" it said without giving further details.
The remaining rights will be offered on the bourse from July13, it said.
The funds raised will be used to cut Pirelli RE debt and togive it the necessary flexibility to carry out its businessplan, it said.
Pirelli RE shares closed up 2.47 percent at 0.581 euros. (Writing by Nigel Tutt, editing by Will Waterman)
