MADRID, April 17 (Reuters) - Nationalised lender Bankia said on Wednesday its repriced shares would start trading on April 22, the latest step in a long-running recapitalisation process started nearly a year ago.
Bankia valued its shares at a bare minimum of 0.01 euros last month ahead of a capital injection from European rescue funds. The stock will start trade priced at 1 euro, after being grouped in bundles of 100 shares.
Bankia said it will undergo a 15.5 billion euro ($20 billion) capital hike in two phases, the first relating to a 10.7 billion euro convertible bond issue subscribed to by Bankia’s parent, BFA.
This operation will likely increase BFA’s stake in Bankia from its current 48 percent to around 70 percent, sources have previously told Reuters.
The second phase of the capital hike will consist of a swap of hybrid debt for shares in Bankia to raise around 4.84 billion euros. ($1 = 0.7668 euros) (Reporting by Sonya Dowsett; Editing by Sarah White and David Holmes)