ECONOMY

Lamda to sell new shares at 6.70 euros each

lamda-to-sell-new-shares-at-6-70-euros-each

The issue price of new Lamda Development shares in the context of its 650-million-euro share capital increase will represent a 15 percent discount on the closing price of its stock on the Athens stock market on Friday.

The construction group’s governing board has set the issue price for each new share at 6.70 euros.

Given the preferential rights granted to old shareholders, there may well be share transactions and rights trading until that gap is closed, bourse sources tell Kathimerini.

The dates for rights trading on the Athens Exchange will be announced later, but market sources say this will be happen in the next couple of weeks.

The Capital Market Commission is expected to approve the share capital increase bulletin on Monday, setting the above process in motion.

Lamda intends to use 467 million euros from the capital increase to participate in the capital increase of Hellenikon Global I, its 100 percent subsidiary, which the latter will use for the payment to state sell-off fund TAIPED of the first two tranches for the plot at Elliniko. The total price of the Elliniko transaction amounts to 915 million.