French insurer AXA SA (AXA) said Wednesday it has successfully completed a rights issue that raised around EUR2.07 billion of fresh capital.

The company had aimed to raise EUR2 billion.

Among other things, proceeds from the issue will be used to seize future acquisition opportunities, primarily in high growth markets, including the potential buyout of minority interests in Central and Eastern Europe, the company said.

At the same time, the fresh funding will allow the company to maintain a strong balance sheet, AXA added in a statement.

The issue was 272% subscribed, with total demand at about EUR5.6 billion, the company said.

AXA shares closed trading on the Euronext Paris exchange at EUR16.36, down EUR0.07, or 0.4%, from the previous finish.

-By A.H. Mooradian; Dow Jones Newswires; +33 1 4017 1740; art.mooradian@dowjones.com.
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