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

Swedbank $2.2 bln rights issue oversubscribed

Source: Reuters - Tue 13th Oct 2009

Sweden's Swedbank said on Tuesday its 15.1 billion Swedish crown ($2.2 billion) rights issue was covered nearly twice over.

Sweden's fourth largest bank by market capitalisation said the issue was 188 percent covered, with investors buying 98.4 percent of the 386.5 ordinary shares based on their rights.

"The large oversubscription for the rights offering clearly shows our shareholders' overwhelming support for Swedbank, which is very comforting" Chief Executive Michael Wolf said in a statement.

"The rights offering will strengthen Swedbank's ability to implement its strategy and secure an accelerated return for the bank to competitive wholesale funding."

The bank has set the subscription price in the share issue - the bank's second in less than a year - at 39 crowns,compared with a closing price of 66.25 crowns on Monday.

Bank of America Merrill Lynch and Credit Suisse were the underwriters.

Comment on this Story

Be the first to comment on this Story !!

Recommended Items