Carige shares down slightly after key investor seeks cash call delay

MILAN Tue Feb 25, 2014 3:09am EST

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MILAN Feb 25 (Reuters) - Shares in Banca Carige were slighly lower on Tuesday after the key shareholder in the troubled Italian lender said it would seek to delay a planned rights issue.

Carige is aiming to approve a cash call for up to 800 million euros ($1.1 billion)by the end of March.

The Carige foundation, that owns 46 percent of the Genoa-based bank, has no money to invest in it and fears a drastic dilution of its stake.

The foundation said late on Monday it would call an extraordinary shareholder meeting to either extend the end-March deadline or have the rights issue approved by then but with its start scheduled for June.

By 0804 GMT shares in Carige were 0.2 percent lower after a marginally higher opening. Italy's banking stock index was 0.4 percent lower.

Carige's chairman and chief executive are due to meet on Tuesday with the Bank of Italy. ($1 = 0.7285 euros) (Reporting by Valentina Za, editing by Danilo Masoni)

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