Terna Energy announced Tuesday that it has successfully completed its share capital increase that will be “channeled into significant investments in clean energy production and storage in the Greek market.”
Four international institutional investors expressed binding interest in acquiring 6,229,422 shares through private placement, representing over 68.5 million euros in capital. The investors are Anavio Capital Partners LLP, BlackRock Inc, Kayne Anderson Capital Advisors LP and Impax Asset Management.
“It is worth noting that most of the above international investors placed funds for the first time in the Greek market,” Terna Energy said in its announcement. BlackRock is the one investor already active in the Greek market.
Approval of the capital increase has been left to the current shareholders’ extraordinary general meeting on September 1.
“The offering price of the new shares will settle at €11 per share, a price level which is close to the stock’s historically high levels up until today. The company does not intend to sell the 4,293,268 treasury shares it has acquired under the stock repurchase programs, which represent 3.769% of the share capital, but instead the management is planning to cancel those shares soon,” Terna said. Thus, the effective dilution that the shareholders of the company will incur due to the share capital increase will be around 1.7%.