BUSINESS

PPC plans €750 million share capital increase

ppc-plans-e750-million-share-capital-increase

Public Power Corporation, Greece’s biggest utility, is about to launch a share capital increase amounting to some 750 million euros, the electricity company announced on Thursday.

PPC intends to open a book of bids for setting the shares’ price level, and the move is aimed at financing the corporation’s updated strategic plan.

The process is set to bring the state’s share in the company below 51%, from the current 55.05% the state controls directly or indirectly. Private investors hold the other 44.95%.

There will be a public offer in Greece and a private placement to institutional investors abroad.