Bank BGZ BNP Paribas SA set an issue price of 60.15 Polish zlotys apiece for a share offering through which it plans to raise around 800 million zlotys to boost regulatory capital adequacy ratios.
Some 13.3 million shares will be issued, with parent BNP Paribas SA and BNP Paribas Fortis SA to subscribe for all 10.8 million of the series K shares to be issued and BNP Paribas to subscribe for 2.46 million of the 2.5 million series J shares to be issued. The series J shares were initially earmarked for selected investors.
The low uptake of the shares by external investors means that BGZ BNP Paribas will not be able to meet free-float requirements set for the lender by the Polish Financial Supervision Authority, Parkiet said June 15. The bank is required to increase its current 11.7% free float to 12.5% by the end of 2018 and to 25% by the end of 2020, the newspaper noted.
The Polish bank will also need to carry out a separate share issuance to finance the €775 million takeover of the core banking operations of Raiffeisen Bank International AG unit Raiffeisen Bank Polska SA, Parkiet said.
As of June 14, US$1 was equivalent to 3.67 zlotys.
