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Monte Paschi raises 4.99 bln euros in rights issue
June 27, 2014 / 5:56 PM / 3 years ago

Monte Paschi raises 4.99 bln euros in rights issue

MILAN, June 27 (Reuters) - Italy’s Banca Monte dei Paschi di Siena said on Friday it had raised 4.99 billion euros ($6.81 billion) through the sale of new shares, boosting its capital base and increasing the chances it could pass an EU review of bank assets.

In a statement, the Tuscan-bank, said the highly-dilutive rights issue was 99.85 percent subscribed, adding that unsubscribed rights will be offered on the market July 1-7.

“It’s a positive result for the bank and the state,” Chief Executive Fabrizio Viola said in the statement.

The bank, which was bailed out by the Italian state after being hit by the sovereign debt crisis and by a derivative scandal, has said it will use proceeds from the capital increase to pay back 3 billion euros of state aid out of a total of 4.1 billion euros. ($1 = 0.7331 Euros) (Reporting by Agnieszka Flak; editing by Danilo Masoni)

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