December 15, 2017 / 9:35 AM / 6 months ago

Half of Carige's unexercised cash call rights sold on first day

MILAN, Dec 15 (Reuters) - Just over half of subscription rights in Italian bank’s Carige cash call, which were left unexercised by shareholders, were sold on Friday, Reuters data showed.

Carige’s shareholders took up 66 percent of a 500 million euro share issue demanded by regulators but the lender has accords in place with a number of investment firms to reach the minimum recapitalisation level imposed by the European Central Bank.

Investors have pledged to step in to buy any rights available after a five-day market offering which started on Friday.

Reuters data showed that 149.5 million rights had been bought at the first tender out of a total of 278.4 million.

Reporting by Andrea Mandala, writing by Valentina Za,

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