Popolare Milano sets terms of 500 mln euro rights issue

MILAN, April 30 Wed Apr 30, 2014 12:26pm EDT

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MILAN, April 30 (Reuters) - Italian cooperative lender Banca Popolare di Milano (BPM) said on Wednesday it would sell new shares for 0.43 euros each in a 500 million euro ($693.3 million) capital increase.

BMP said it will issue up to 1.162 billion new ordinary shares or nine new ones for every 25 already held.

In a statement, BPM said the price implies a discount to theoretical ex-rights price (TERP) of 31.76 percent. The cash call is fully underwritten by a group of banks. ($1 = 0.7212 Euros) (Reporting by Isla Binnie, editing by Danilo Masoni)

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