UPDATE 1-Top BES shareholders sell share issue rights at 6 pct discount

Wed May 28, 2014 4:24am EDT

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(Adds rights price, disocunt, BES share)

LISBON May 28 (Reuters) - The two main shareholders in Banco Espirito Santo, Portugal's biggest bank, have sold 999.6 million subscription rights for new BES shares for 110 million euros at a 6 percent discount on Tuesday's closing share price.

Espirito Santo Financial Group (ESFG), the largest shareholder, said it and French bank Credit Agricole - sold 332.3 million and 667.3 million of their rights to subscribe to BES's 1.045 billion-euro ($1.4 billion) share offer via an accelerated bookbuilding process at 0.11 euros per right.

Every five rights buy two new BES shares at 0.65 euros.

The price of the rights closed at 0.117 euros on Tuesday, which was their first day of trading, and were 4.3 percent lower at 0.112 euros in early trading on Wednesday.

The settlement of the sale of rights is expected to occur on June 2.

ESFG and Credito Agricole together controlled BES through a joint venture holding in the bank of 47.5 percent. Their new joint holding after the rights issue will be about 40 percent, according to BES.

Shares in BES were 0.3 percent lower at 0.94 euros a share by 0819 GMT. ($1=0.7345 euros) (Reporting By Andrei Khalip; Editing by Greg Mahlich)

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