Spain's Criteria to up stake in Colonial via $676 mln capital increase
MADRID, May 16 (Reuters) -Spanish holding company Criteria will raise its stake in real estate group Colonial COL.MC to 16.78% from the 3% it now owns by subscribing to a share capital increase worth 622 million euros ($676 million), Colonial said on Thursday.
That would make Criteria, which is the main shareholder in Caixabank CABK.MC - one of Spain's largest lenders - a leading stakeholder in Colonial.
Criteria is set to pay 350 million euros in cash, as well as contribute eight properties in various Spanish cities from the portfolio of its subsidiary InmoCaixa.
The increase will be carried out through the issue of 87.73 million new Colonial shares at a price of about 7.1 euros per share. This represents a par value of 2.5 euros plus a premium of 4.6 euros per share, Colonial added in a regulatory filing.
Colonial shares were up 4.15% at market close after the deal was announced.
($1 = 0.9200 euros)
Reporting by David Latona; Editing by
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