Power utility PPC’s equity capital raise objective, a 1.35 billion-euro sum, at 9 euros per share, was reached approximately one hour into the book building process, launched yesterday, sources informed.
This essentially means that the procedure’s shares will not be sold at a lower price (8.50 euros) but at the upper limit price of 9 euros per share.
The book building process will run until November 4. Shares will then be distributed to investors based on the offers they have submitted.
The equity capital raise is the first to staged by PPC twenty years after its bourse entry. An 85 percent proportion of the 1.35 billion-euro in capital is expected to be provided by foreign funds.
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.
PPC is striving to implement an ambitious 5 billion-euro investment plan by 2024.
The Greek State’s share in PPC will drop to below 51 percent for the first time in the corporation’s 70-year history. However, the Greek State will maintain management as well as blocking minority rights.