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Renta Corporación Raises Capital Making SAREB Shareholder

23/12/2014 – Expansión

Renta Corporación has completed its growth capital investment move, turning SAREB into a shareholder of the real estate company with a 4.9% stake, by beginning to trade securities issued by the company as part of the operation on Monday.

The real estate company has started negotiations over the 5.6 million new shares for capital increase last week, after obtaining the required authorization from the National Securities Market Commission (CNMV).

Through this very operation, approved on a shareholders’ meeting in the beginning of November this year, Renta Corporación has welcomed its capital structure creditor banks that have opted for a debt-equity swap with shares of the company, which recently overcame a state of insolvency.

In particular, SAREB has acquired shares representing 4.9% of its capital, while ING and Banco Popular – 3% each, and Banco Caixa Geral – 2%.

Trading these new shares takes place just over a month after October 30th this year, when Renta Corporación regained its listing on the stock exchange after finally overcoming insolvency proceedings that it had been subjected to since March, 2013 .

Original article: Expansión (by Marcos Lamelas)

Translation: Aura REE