Thrivest Holding Ltd has sold a 16.7% stake in CrediaBank through an accelerated bookbuild (ABB), reducing its holding to 24%, while the lender significantly expanded its free float and broadened its international institutional investor base.
According to a CrediaBank statement, Thrivest sold 333,333,333 shares, representing 16.7% of the bank’s share capital. Following the transaction, its stake stands at 24%, allowing it to remain the bank’s largest private shareholder. The bank said it will not receive any proceeds from the placement, as the transaction involved the sale of existing shares by a major shareholder. The private placement was conducted through an Accelerated Book Building (ABB) process launched after the close of trading on the Athens Stock Exchange on Tuesday, July 14. The bank said the offering followed strong interest already expressed by long-term international institutional investors.
According to the statement, demand was significantly higher, with participation from leading highly rated institutional investors. The order book was fully covered within just 20 minutes and closed several times oversubscribed, raising 300 million euros compared to the initially planned amount of 250 million euros. Some 70% of the shares were allocated to institutional investors, a development the bank said strengthens its investment profile in international capital markets.
The transaction also significantly increases CrediaBank’s free float, which now stands at approximately 47% of the bank’s share capital, up from 30% previously. Thrivest said it remains committed to its long-term investment in CrediaBank and has agreed to a 90-day lock-up period, during which it will not sell additional shares.
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