February 25, 2014 / 8:12 AM / 4 years ago

Carige shares down slightly after key investor seeks cash call delay

MILAN, Feb 25 (Reuters) - Shares in Banca Carige were slighly lower on Tuesday after the key shareholder in the troubled Italian lender said it would seek to delay a planned rights issue.

Carige is aiming to approve a cash call for up to 800 million euros ($1.1 billion)by the end of March.

The Carige foundation, that owns 46 percent of the Genoa-based bank, has no money to invest in it and fears a drastic dilution of its stake.

The foundation said late on Monday it would call an extraordinary shareholder meeting to either extend the end-March deadline or have the rights issue approved by then but with its start scheduled for June.

By 0804 GMT shares in Carige were 0.2 percent lower after a marginally higher opening. Italy’s banking stock index was 0.4 percent lower.

Carige’s chairman and chief executive are due to meet on Tuesday with the Bank of Italy. ($1 = 0.7285 euros) (Reporting by Valentina Za, editing by Danilo Masoni)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below