Following an amendment on July 31 of last year’s bail-in order, shareholders may terminate a fixed term deposit created by virtue of the decree, prior to its maturity and use the funds to buy shares in the bank as part of the three-tier capital increase announced on July 30, the bank said.

At the end of July, the bank announced a successful private placement of 4.17 billion new ordinary shares at 24c each in order to raise €1 billion from local and foreign funds. US-based investor William Ross heads a group that have pledged €400 million, while the European Bank for Reconstruction and Development (EBRD) is pumping in a further €120 million.

The lender said that it will now proceed with phase 2 of the capital raising, consisting of an open offer to existing shareholders allowing them to subscribe until August 21 for up to 20% in aggregate of the total number of shares offered to qualified investors in the first phase and at the same price as the placing price with the right to bid for a minimum €100,000.

Source: Cyprus Mail