Italy's Pirelli Real Estate will offer its shareholders the largest discount possible in the EUR 400 mln capital increase planned for June, an Italian newspaper has said, citing chairman Marco Tronchetti Provera. The company will issue up to 800 million shares 50 cents per share. Pirelli & Co, which controls over 55% of Pirelli Real Estate, will underwrite Pirelli RE's capital hike for a quota corresponding to its interest in the business, or some EUR 226 mln. The real estate company hopes to raise an additional EUR 174 mln from the market.
Italy's Pirelli Real Estate will offer its shareholders the largest discount possible in the EUR 400 mln capital increase planned for June, an Italian newspaper has said, citing chairman Marco Tronchetti Provera. The company will issue up to 800 million shares 50 cents per share. Pirelli & Co, which controls over 55% of Pirelli Real Estate, will underwrite Pirelli RE's capital hike for a quota corresponding to its interest in the business, or some EUR 226 mln. The real estate company hopes to raise an additional EUR 174 mln from the market.
The company said on Friday that its shareholders approved the financial statements for fiscal year 2008, which closed with a consolidated net loss of EUR 195 mln.
The shareholders also backed a plan by the company to buy back treasury shares for a maximum of 10% of the share capital.
