Robot maker Kuka doubles rights issue to build a war chest
German industrial robot maker Kuka launched a Eu45.5m rights issue this week. The company is undergoing a financial restructuring following a breach of covenants on its loans earlier this year.
A group of lending banks, led by Commerzbank and UniCredit, set the company an ultimatum to raise at least Eu23m of fresh equity by June, but Kuka decided to tap shareholders for almost twice as much.
The offer comprises 4.66m new shares offered on a one for six basis.
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