NatWest, Ireland's Finance Minister Raise EUR110.5 Million From Permanent TSB Shares Sale

   By Elena Vardon

NatWest Group and the Minister for Finance of Ireland raised 110.5 million euros ($118.9 million) from the sale of shares they held in Permanent TSB Group Holdings, the bank said on Friday.

The British group had said on Thursday that it intended to sell part of its shareholding in the Dublin-listed lender, simultaneously with the Ireland's Finance Minister Michael McGrath, via a share placing to institutional investors.

The placing price was EUR2.025 a Permanent TSB share, NatWest said. This represents an 8% discount to Thursday's closing price of EUR2.20.

They each disposed of 27.3 million shares in Permanent TSB--54.6 million shares in total, representing 10% of the Irish bank's issued share capital. The placing was originally estimated to comprise around 33 million of Permanent TSB shares, or 6% of its share capital.

McGrath and NatWest will get EUR55.2 million of gross proceeds each, the bank said.

NatWest's shareholding will be reduced to 63.6 million ordinary shares, or 11.7% of Permanent TSB's share capital, from 16.7% previously, it said. The disposal will have an immaterial impact on the bank's CET1 ratio and tangible net asset value per share, it added.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

June 02, 2023 02:38 ET (06:38 GMT)

Natwest (LSE:NWG)
Historical Stock Chart
From Sep 2024 to Oct 2024