Hellenic Bank in 66 mln euro Cyprus rights issue

Hellenic Bank shareholders have approved a capital increase plan through a rights issue worth 66 mln euros during an extraordinary meeting held in Nicosia on Tuesday.
One right will be issued for every existing share at 43c each and for every two rights, shareholders will receive three bonus shares.
Unexercised rights will be offered to new shareholders and strategic investors at the issue price of 43c.
Details of the rights issue will be announced next month.
Archbishop Chrysostomos II said earlier this month that the Church of Cyprus, that controls about 25% in the bank, would support both the Hellenic Bank and the Bank of Cyprus, where, too, it has a significant stake.