UPDATE 1-SOS investors commit to 40 pct of new share issue

* Says minimum 40 pct of new share issue guaranteed

* Shares resume trade up 2.4 pct (Recasts with more detail, share price)

MADRID May 11 (Reuters) - Spain's SOS Cuetara SOS.MC said on Monday that existing shareholders would take up at least 40 percent of a new 200 million euro ($272.1 million) share issue.

The world's No. 1 olive oil bottler announced a cash call on Sunday to plug a 190 million euro hole in its accounts after unauthorized dealings by its recently-fired top executives. [ID:nLA487092]

Former chairman and deputy chairman, brothers Jesus and Jaime Salazar, will not subscribe to the new share issue, SOS said on Sunday. As a result, their stake should be diluted to 21.3 percent from 28.2 percent currently, Spanish daily Expansion said.

Spanish savings banks led by Caja Madrid are the largest shareholders, with 34 percent of the company.

By 1125 GMT, SOS's shares had resumed trading after Friday's suspension and were up 2.4 percent at 4.2 euros on relief over initial support from its main shareholders for the new share issue.

However, some analysts expressed concern of potential stock overhang.

"In our opinion, if the Salazar brothers lose control within the company, their stake could reach the market and pressure the stock," Banesto analysts said in a note.

This would be in addition to any stock left unsubscribed in the new share issue, another analyst who asked not to be named said.

SOS' board is due to meet on Wednesday to agree the details of the cash call and appoint a new chief executive officer. (Reporting by Tracy Rucinski; Editing by Rupert Winchester)