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Monte dei Paschi to have underwriting consortium for share sale by Tuesday – source
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ROME (Reuters) – Monte dei Paschi di Siena will be able to sign by Tuesday a contract with a group of banks which are due to underwrite its up to 2.5 billion euro ($2.4 billion) new share issue, a source with knowledge of the matter said.
ROME (Reuters) – Monte dei Paschi di Siena will be able to sign by Tuesday a contract with a group of banks which are due to underwrite its up to 2.5 billion euro ($2.4 billion) new share issue, a source with knowledge of the matter said.
The bank has called a board meeting on Tuesday to approve the terms of the rights issue, another source previously said, and needs to have a guarantee contract signed with banks by then. ($1 = 1.0321 euros)
(Reporting by Giuseppe Fonte, writing by Valentina Za; editing by Agnieszka Flak)
Underwriting is the process by which an individual or institution takes on financial risk for a fee. In finance, it often refers to the process of raising capital through the sale of securities.
A share sale refers to the process of selling shares of a company, typically to raise capital. This can involve new shares being issued or existing shares being sold by current shareholders.
A rights issue is an invitation to existing shareholders to purchase additional shares in the company, usually at a discount to the current market price, to raise capital.
A board meeting is a formal gathering of a company's board of directors to discuss and make decisions on company matters, including financial performance, strategic direction, and governance.
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