Italy-based Credito Valtellinese SpA unveiled the final conditions and timetable for its planned €700 million offering of new shares.
The bank's board of directors resolved to offer up to 6,996,605,613 new ordinary shares, without nominal value, on a pre-emptive basis for a subscription price of 10 cents per share, of which 9 cents will be share premium. The new shares will have the same features as existing Creval shares and will be offered at a ratio of 631 new shares for every 1 share held by investors.
The maximum amount of the offer will thus amount to roughly €699.7 million.
The subscription price includes a discount of approximately 16% on the theoretical ex rights price of Creval shares, on the basis of the average of official market prices registered during the last three months.
The offer period will run from Feb. 19 until March 8, after which unexercised pre-emptive rights will be offered on the Mercato Telematico Azionario. The pre-emptive rights will be tradable on the MTA from Feb. 19 to March 2.