(Reuters) – Italy’s Saipem (SPMI.MI) has raised around 1.395 billion euros ($1.4 billion) to stabilise its finances, the energy services group said on Monday, adding that around 70% of the new shares it was issuing in a cash call were subscribed.
Last month Saipem launched a 2 billion euro hyper-dilutive capital increase, which was open until Monday, as part of a plan to try to get back into the black and re-focus its business after a surprise profit warning in January.
A pool of banks has pledged to subscribe any unexercised rights to guarantee the full amount of the capital increase is covered. read more
Saipem said in a statement it would offer unexercised rights on the Italian stock exchange starting from Tuesday, with the exercise of the rights purchased in the auction and the subscription of the relevant shares to be completed by 1200 GMT on Thursday.
It will announce the final outcome of the cash call by market opening on Friday.
In January the company, controlled by Eni (ENI.MI) and state lender CDP, downgraded earnings by a billion euros due to a significant deterioration of margins on contracts including offshore wind. read more
Saipem offered investors its new shares at an issue price of 1.013 euros each at a ratio of 95 new shares for every one ordinary or savings share held. read more
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