Immofinanz AG plans to implement a reverse stock split to reduce its shares to 112,085,269 from 1,120,852,699.

The Vienna-based diversified commercial real estate group said the proposed reverse stock split was approved at its May annual general meeting and will have a 10:1 ratio whereby 10 existing shares will be combined into a single share. It expects the proposed split to take effect June 23.

Additionally, the company said it expects to adjust the conversion rights of its issued 2.00% convertible bond due 2024 to take the reverse stock split ratio into account.

Erste Group Bank AG Vienna will be the tender and paying agent.