Italian insurance firm Assicurazioni Generali SpA (ARZGY.PK) announced the successful completion of the placement of 13.67 million ordinary shares in Banca Generali to institutional investors, corresponding to approximately 12% of the bank's share capital, at a price of 13.55 euros per ordinary share following an accelerated bookbuilt offering. The transaction will be settled upon delivery of shares and payment of consideration on April 9, 2013.
Gross proceeds from the placement amounted to 185.2 euros million, resulting in a capital gain of approximately 143 million euros, which translates into an increase in the Group's Solvency I ratio of 1.5 percentage points. The capital gain will be reported directly within shareholders' equity, with no material effect on net result. As already announced, after the completion of the placement, Generali continues to hold a controlling shareholding in Banca Generali amounting to 51.5% of the bank's share capital.
In connection with the transaction, Generali has agreed to a 6-month lockup period with respect to sales of additional shares of Banca Generali. Generali has further agreed to other customary terms and conditions for the placement.
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