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Germany's Grenke raises €200M from share sale

Grenke AG has raised €200 million from the sale of 2,040,816 new no-par value registered shares at €98 apiece to institutional investors.

The private placement was done through an accelerated bookbuilding and excluded shareholders' subscription rights.

The Germany-based lender said earlier that the net proceeds will be used to finance its growth in core markets and its strategy to expand internationally.

Deutsche Bank AG and HSBC Trinkaus & Burkhardt AG served as joint global coordinators and joint book runners on the transaction.