Top shareholder in Carige sold 2.98 pct stake on the market

MILAN Thu May 15, 2014 1:26pm EDT

Related Topics

MILAN May 15 (Reuters) - The top shareholder in Banca Carige sold on the market shares in the Italian bank amounting to around 2.98 percent of its capital last month, a regulatory filing showed on Thursday.

The Carige foundation had in March a stake of 45.16 percent in Carige, according to the bank's website. The April's sales would leave it with a stake of around 42 percent.

Carige is set to publish results later on Thursday.

The Carige foundation has no money to invest in an upcoming 800 million euro ($1.1 billion) rights issue at the bank and is seeking to reduce its holding after forcing a delay of the cash call.

The filing showed the not-for-profit banking foundation had netted 37.75 million euros from the sale of 64.85 million shares.

It has reached a green light from regulators to cut its stake to 19 percent.

($1 = 0.7291 Euros) (Reporting by Valentina Za)