Steelmaker Outokumpu's rights offering oversubsribed.

April 12, 2012 - 17:10 GMT



Outokumpu's 1 billion ($1.31 billion) rights offering has been oversubscribed, according to the Finnish steelmaker.


Preliminary results indicated that a total of 1.55 million shares were requested, exceeding the 1.27 million shares offered by 22%, the company said in a stock report on Wednesday April 11."


"About 1.27 million shares were subscribed for, pursuant to subscription rights, representing about 99.7% of all offer shares, and about 285 million shares were subscribed for without subscription rights in the secondary subscription, representing about 22.4% of all offer shares," it said.


Underwriting services provided by JP Morgan Securities, Nordea Bank Finland, BNP Paribas and Credit Agricole Corporate And Investment Bank will not be used as a result of the oversubscription, Outokumpu said.


Companies offer rights issues in order to raise equity.




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