November 28, 2012 / 8:02 PM / in 5 years

Banco Popular says fully covers capital hike

MADRID, Nov 28 Reuters) - Spain’s troubled lender Banco Popular has fully covered a 2.5 billion euros ($3.2 billion) shares and rights issue, the bank said on Wednesday.

The bank said its board committed 520 million euros to complete the issue, above an initial commitment for 420 million.

The capital increase by Spain’s sixth-biggest bank was an attempt to avoid seeking state aid after an independent audit of Spanish banks found it needed an extra 3.2 billion euros to weather a serious economic downturn.

The subscription period for the rights issue ran from Nov. 14-28, with the new shares set to begin trading on Dec. 6. ($1 = 0.7746 euros) (Reporting By Jesús Aguado; Writing by Tracy Rucinski; Editing by Julien Toyer)

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