Transelectrica offer needs 22 percent of subscriptions to be completed successfully
2012-03-26 12:09:38
With two days remaining before the closing bid of Bucharest Transelectrica (TEL), investors have subscribed about 47.7 percent of total shares offered for sale, placing orders that totaled RON 78.5 million ( EUR 18 million). Successful completion of the offer is conditional upon subscription of 70 percent stake of 15 percent of the shares offered for sale by state, so that investors have to subscribe to about 22 percent of bid to reach this threshold. But is this week expected to occur most subscriptions, given that many investors wait until the last minute to decide, one explanation being that they will not need to restrain their money too earlier. But the final test will be the price at which supply will be completed, given that most subscriptions to date have been achieved at the minimum price of 14.9 RON/ share.
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