The Piraeus Bank share capital increase process began on Wednesday, with the commitment of the two main stakeholders, John Paulson and Aristotelis Mistakidis, as well as Helikon Investments Limited, to participate with 380 million euros in total, according to the bulletin published on Tuesday.
The combined offer, through a private placement abroad and a public offering in Greece to special, institutional and other select investors, will last until Friday. It will constitute the issue of 1.2 billion new shares at a price range of 1-1.15 euros per share.
The main stakeholders, Paulson (owner of 4.6%) and Mistakidis (who controls 3%), will participate with €265 million and €40 million respectively. Helikon Investments, which has significant holdings in Eurobank, Public Power Corporation and Lamda Development, will participate in the capital increase with €75 million.
If the concession of the new shares is done at the top of the price range (€1.15), then Paulson’s stake will rise to 18.62%, according to the bulletin; Mistakidis’ stake will ease to 2.9% and Helikon Investments will control 5.22%.
The bulletin assumes that the stake of the Hellenic Financial Stability Fund (HFSF) will shrink from 61.34% today to 27%, with the entity investing €370 million.