Nordex SE (ETR:NDX1) is seeking to raise gross cash proceeds of about EUR 212 million (USD 215.45m) in a share issue that should strengthen the wind turbine manufacturer's capital structure.
The German group will issue a total of 35.92 million new shares at a subscription price of EUR 5.90 apiece, it said on Sunday evening.
The issue price represents a significant discount to the closing price of Nordex shares of EUR 8.90 on Friday. On Monday morning, the manufacturer's shares were trading 5.96% lower at EUR 8.37 in Frankfurt.
Under the terms of the capital increase, all shareholders are entitled to subscribe to 10 new shares for every 49 existing shares held. Major shareholder Acciona SA (BME:ANA) has pledged to exercise its subscription rights for its current shareholding of 39.66%.
The subscription period is set to start on July 13 and end on July 26. The new shares will be entitled to full dividend rights from January 1, 2022.
The proceeds from the share issue will be used for raising the group's equity ratio in the current volatile environment in the wind industry, Nordex said.
The announcement for the capital increase comes just a few weeks after Acciona agreed to provide EUR 139.2 million gross to Nordex as part of a capital increase that boosted its stake to 39.6% from 33.6%. The issue price for this transaction was EUR 8.70 per share.
In the first quarter, Nordex saw its net loss swell to EUR 150.5 million in the first quarter as sales declined while raw material and logistics costs rose.
The financial report for the first half will be published on August 11.
(EUR 1 = USD 1.016)
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