BOC raises CYP 109 mln from rights issue

Bank of Cyprus Public Company Ltd announced the successful completion of its share capital increase with the issue of a total of 77.902.232 shares and proceeds to the Bank of CYP 109.063.125 or EUR 190.17 mln.

The capital increase was the largest and most ambitious attempt by a CSE listed company to raise funds after the boom-bust of the stock market since 1999/2000.

According to the final results of subscription, 406.983.858 Rights were exercised by their holders who subscribed for 67.830.643 shares, representing a subscription ratio of 87%.

The remaining 10.071.589 shares (which resulted from the exercise of Rights that were not exercised by their holders) were placed with investors, mainly from Europe, but also Greece and Cyprus at the price of CYP 2,581 or EUR 4,50 per share. The placement was approximately 3 times oversubscribed.