Poland’s Lotos launches Z1bn rights issue

Refinery pipes 230x150
By Olivier Holmey
13 Nov 2014

Lotos, the Polish oil refiner, on Thursday set pricing on a Z1bn rights offer that it has been planning to finance investments in its refineries and oil fields.

The Polish state, which owns 53.19%, has committed to exercise all of its rights in the new stock. Banks managing the transaction have underwritten the remaining 46.81%. No sub-underwriting is taking place, a lead banker said.

Lotos is selling 55m new shares on the basis of 0.42 new shares ...

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