Fondazione Carige mandates Banca Imi to sell 10.9% stake in Banca at discount by 10 June
The board of Fondazione Carige, the financial institution that owns 29% of the listed Italian bank Banca Carige, has mandated Banca Imi to sell a 10.9% stake in the lender, reported Italian daily Il Sole 24 Ore, citing a statement by Fondazione Carige.
The report said that the discount is likely to be about 4-5% on the present share price. The item said that the sale is not likely to take place through the markets.
Fondazione Carige board is to meet on 10 June to approve its participation in Banca Carige's EUR 800m rights issue in order to maintain its stake at around 19% in the bank. The report added that if the sale of the 10.9% stake proves unsuccessful, Fondazione Carige will look instead to sell some of its rights options for the issue.
The item added that Fondazione Carige previously sold a stake in Banca Carige in May at EUR 0.4 a share.
Source Il Sole 24 Ore