Pininfarina sets rights price above Tuesday close

MILAN, July 7 (Reuters) - Italian car designer and niche manufacturer Pininfarina SpA (PNNI.MI) is pricing shares to be sold in its rights issue above Tuesday's closing price, the company said in a statement.

Pininfarina's 70 million euros capital increase, announced on May 22, will comprise a 269-for-120 rights issue with new shares priced at 3.35 euros, it said. Pininfarina shares closed on Tuesday at 3.195 euros, up 0.39 percent.

The pricing takes account of the share price trend since the increase was approved by shareholders on April 29, market volatility, as well as specific factors linked to the plan to restructure the company and its debt, it said.

The company's main shareholder Pincar, which represents the Pininfarina family, is subscribing its 50.6 percent share in the offering and is ready take up other rights to take its post-rights stake to up to 86 percent, it said.

The rights issue will run from July 13-31 while the rights will be tradable from July 13-24, it said. (Writing by Nigel Tutt, editing by Leslie Gevirtz)