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Banco Popular Espanol Says 11% of Rights Issue Subscribed First Day-DJ

Wednesday, 14 Nov 2012 01:50pm EST 

Dow Jones reported that 11% of Banco Popular Espanol SA’s (Popular) shareholders have subscribed to its EUR 2.5 billion capital increase on the day the share sale was launched. The Company is raising cash in an attempt to ward off a capital injection from the rescue fund of up to EUR 100 billion that Spain negotiated with the European Union for its financial sector this summer. An evaluation of Spain's banking sector found Popular would have a capital shortfall of EUR3.2 billion under heavy economic duress. Existing shareholders have received rights to buy three new shares for each share they already own at EUR 0.401 per share, and they can use this right by November 28, 2012. 

Company Quote

0.162 +3.59%
11:35am EDT