Pirelli Real Estate said on Wednesday that it successfully completed its EUR 397 mln rights issue. The Italian company said the capital increase would allow it to strengthen its capital structure and reduce debt.
Pirelli Real Estate said on Wednesday that it successfully completed its EUR 397 mln rights issue. The Italian company said the capital increase would allow it to strengthen its capital structure and reduce debt.
During the offer period, which opened in mid-June and closed on July 3rd, 2009, a total of 41 million rights were exercised, meaning that 793.4 million new Pirelli RE ordinary shares were subscribed. This corresponded to 99,361% of the total shares offered.
In compliance with the commitments made and as stated in the prospectus the controlling shareholder, Pirelli & C., exercised all its rights by subscribing to 463.7 million new Pirelli RE ordinary shares, corresponding to around 58.07% of the shares offered, with a value of some EUR 231.9 mln.
