The board of directors of Italy’s Buzzi Unicem has approved a capital increase of EUR206m (US$250.4m).
The company will issue a total 24,214, 836 ordinary shares at a price of EUR8.5 (US$10.3) per share. Holders of ordinary or savings shares and owners of convertible bonds due in 2008 will be offered two new ordinary shares per each 15 shares or bonds owned.
The shareholders and bondholders will be able to exercise the option rights between 5-23 July 2004. Italian bank Banca IMI, a unit of local banking group San Paolo IMI, will manage the capital hike procedure.