BT raises 26m euros in first issue since onset of crisis

Banca Transilvania, the only Romanian privately held top player, raised almost 113m RON (26m euros) from shareholders by selling stock, with this as the first issue carried out since the onset of the crisis in Romania, in late 2008.
The raised sum accounts for almost 94% in the planned value of the issue, of 120m RON. The unsubscribed shares will be divided among employees, who will receive 6 million shares as part of the loyalty programme, and the rest of 1.3 million shares will be proposed to less than 100 selected investors, at a price of 1.1 RON/share.
Shareholders could subscribe stock at the price of 1 RON/share, at a discount from the BSE trading price. At the close of Friday session, BT stock traded at 1.23 RON.
“I am satisfied we found such support from shareholders. 94% is a sign of confidence, of support, a sign to go ahead and develop this bank,” commented Robert Rekkers, general manager of Banca Transilvania.
The share issue is part of a broader capital increase operation, by 391m RON (91m euros), that shareholders decided in spring.