Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Pirelli RE capital increase 99.4 pct subscribed

Source: Reuters - Tue 7th Jul 2009

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)

Comment on this Story

Be the first to comment on this Story !!

Recommended Items