Commerzbank AG (CRZBY.PK) Tuesday said it is beginning with the implementation of the adopted capital increase for the complete and early repayment of the silent participation of the Financial Market Stabilization Fund or SoFFin and of Allianz.
The firm said it seeks gross proceeds of approximately 2.5 billion euros with which it expects to repay 1.6 billion euros to SoFFin and 750 million euros to Allianz. The company expects the transaction to help towards dividend payments.
Commerzbank is issuing 555,555,556 new shares, which are endowed with full dividend rights as of January 1 with a subscription price of 4.5 euros per share. They are expected to be offered in the ratio of 21 to 20. Every 21 outstanding shares entitle the holder to subscribe for 20 new shares. The subscription right is excluded with respect to a share fraction of for 363,761 new shares while the subscription period is expected to start on May 15 and run until May 28. The new shares are likely to be included in stock exchange trading on May 29.
The transaction not only leads to a decrease in SoFFin's shareholding in Commerzbank but also marks the beginning of the federal government's exit from the firm and an improvement in its capital structure, it said in a statement.
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