Carige pulls its €560m rights issue together as institutions sign up

Banca Carige has launched its €560m equity capital raising, after two days of frenetic talks on Thursday and Friday, following the bank’s surpise announcement on Thursday morning that it had been unable to form an underwriting syndicate. Several new investors have agreed to invest in the deal, which will be at 60 new shares for every one held.

  • By Jon Hay
  • 20 Nov 2017

With all the commitments from existing and new investors, about 60% of the deal is covered, two sources said.

After the capital raising, Carige will be worth about 0.25 times tangible book value — low enough that the deal offers some potential upside for investors.

The shares were ...

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