Power utility PPC’s imminent equity capital raise, approved at yesterday’s general shareholders’ meeting and now set for the board’s approval, expected late October or early November, will inject a sum estimated between 1.1 and 1.2 billion euros into the company’s coffers, estimates have indicated.
Over the next ten days or so, PPC will continue promoting the equity capital raise to funds and institutional investors.
The equity capital raise will increase the stake of private investors from 34 percent to 66 percent and offer the corporation fresh capital for its enormous investment plan.
To date, the value of requests submitted by investors ahead of the book building process, expected late this month, has reached nearly two billion euros, triple the equity capital raise’s initial sum of 750 million euros.
The PPC board plans to meet either October 29 or November 1 to decide on the level of the equity capital raise, seen exceeding one billion euros, and also to approve it.
The book building process, to immediately follow, is expected within the first ten days of November.
Small-scale company shareholders expressed complaints during yesterday’s session, troubled by the prospect of being completely overshadowed, but PPC’s administration responded by noting they were free to take part in the upcoming equity capital raise.
Major funds, including CVC Capital and Blackrock, are believed to have requested big stakes during lead-up talks with PPC officials, while the overall investor interest is high.