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Erste Bank placing in 18.50-19.15 euro range -sources
July 2, 2013 / 7:16 AM / in 4 years

Erste Bank placing in 18.50-19.15 euro range -sources

LONDON, July 2 (Reuters) - Erste Group Bank stock was offered at between 18.50 euros and 19.15 euros in a placing on Tuesday, traders said, sending its shares down around 4 percent.

The Austrian lender announced the plans last week and said it aimed to raise around 660 million euros ($858 million) to help repay state aid received during the financial crisis.

“Erste placing (was) offered at 18.50 euros - 19.15 euros,” a London-based brokerage said in a trading note to clients.

The stock was among the worst hit in early deals, leading fallers in the STOXX Europe 600 Banking index.

J.P. Morgan Securities, Morgan Stanley Bank AG and Erste Group Bank AG are acting as joint global coordinators and joint bookrunners. Commerzbank and ING Bank are acting as co-lead managers on the capital increase. (Reporting By Francesco Canepa, Michael Shields and Blaise Robinson; editing by Simon Jessop)

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