Foundation, the biggest shareholder sold 14 mil. shares at 16.80 EUR on Monday via book building. Foundation said the book was covered within few hours. Share sale, which equate to 3.55% of Erste’s share capital, reduces foundation’s stake in the bank to 20.2%. Foundation raised approximately 235 mil. EUR in the sale. Money raised allows repayment of foundation’s liabilities to "full extent” according to the official statement.
The oesterreichische Spar-Casse Privatstiftung, or Foundation, has sold the shares in Group Bank to international and Austrian institutional investors, Group Bank said Monday. With this transaction Foundation has concluded a share sale program which its board decided upon in the spring of 2012. The proceeds from the transaction cover the planned repayment of foundation's liabilities. According to Foundation, it is not planning further share sales.