Spanish property developer, Realia, controlled by Mexican billionaire Carlos Slim and FCC has approved a capital increase of €149.14M, through the issuance of 175.46 million shares at €0.85 per share, with €0.24 of nominal value and €0.61 premium.
As informed to the CNMV today, the board of directors has backed the decision unanimously and the capital increase will be subscribed in the proportion of 11 existing shares for each 3 new shares. The capital increase will be structured in three subscription periods: one of preferential subscription, one of proportional allocation and a third phase of discretionary assignment.
Carlos Slim increased his bet on a Spanish Real Estate recovery back in 2015 when he agreed to buy a 25% stake in property group Realia from Bankia at €0.58 euros a share. He also became the largest shareholder in construction company FCC back in December of 2014 with a 25.6% stake. FCC continues to be the majority shareholder of REALIA with a 36.9% stake.