BT raises 26m euros in first issue since onset of crisis
Banca Transilvania, the only Romanian privately held top player,
raised almost 113m RON (26m euros) from shareholders by selling
stock, with this as the first issue carried out since the onset of
the crisis in Romania, in late 2008.
The raised sum accounts for almost 94% in the planned value of the
issue, of 120m RON. The unsubscribed shares will be divided among
employees, who will receive 6 million shares as part of the loyalty
programme, and the rest of 1.3 million shares will be proposed to
less than 100 selected investors, at a price of 1.1
RON/share.
Shareholders could subscribe stock at the price of 1 RON/share, at
a discount from the BSE trading price. At the close of Friday
session, BT stock traded at 1.23 RON.
"I am satisfied we found such support from shareholders. 94% is a
sign of confidence, of support, a sign to go ahead and develop this
bank," commented Robert Rekkers, general manager of Banca
Transilvania.
The share issue is part of a broader capital increase operation, by
391m RON (91m euros), that shareholders decided in spring.