The Portuguese company sold the new shares for €17 each, which represented a discount of 9.3% in relation to EDP Renováveis' share price before the operation was announced.
EDP Renováveis (EDPR) raised €1.5 billion from major investors. In just a few days, the company’s capital increase was announced, placed on the market and completed, with the new shares sold at 17 euros each. EDP has reduced its stake but keeps three-quarters of the capital.
It was last week in Strategic Update that Miguel Stilwell revealed he was preparing to launch a capital increase of between €1.5 and two billion. On Tuesday, the deal went ahead, with investment banks opening the order book. They were quickly filled, securing 1.5 billion for the company.
The 88,250,000 new shares were sold for €17 each, a discount of 9.3% in relation to EDP Renováveis’ share price before the operation was announced.
“Investors are expected to be in receipt of allocated shares on or around March 5th, 2021. The investors will be entitled to all economic and voting rights inherent to the shares from that date onwards,” the company says in the statement sent to CMVM.
The proceeds from these new securities will serve EDP Group to partially fund its investment plan of around 24 billion in energy transition and EDP Renováveis an investment plan of around €19 billion to implement around 20 GW of renewables by 2025.