July 11 (Renewables Now) – Nordex SE (ETR:NDX1) is seeking to raise gross cash proceeds of approximately €212 million ($215.45 million) in an equity offering that is expected to strengthen the capital structure of the wind turbine manufacturer.
The German group will issue a total of 35.92 million new shares at a subscription price of 5.90 euros each, he announced on Sunday evening.
The issue price represents a significant discount to Nordex’s closing share price of EUR 8.90 on Friday. Monday morning, the manufacturer’s shares were trading down 5.96% to 8.37 euros in Frankfurt.
Under the terms of the capital increase, any shareholder has the right to subscribe to 10 new shares for 49 existing shares held. The majority shareholder Acciona SA (BME:ANA) has agreed to exercise its subscription rights for its current stake of 39.66%.
The subscription period is scheduled to begin on July 13 and end on July 26. The new shares will carry full dividend rights from January 1, 2022.
The proceeds from the share issue will be used to increase the group’s equity ratio in the current volatile environment in the wind industry, Nordex said.
The announcement of the capital increase comes just weeks after Acciona agreed to provide 139.2 million euros gross to Nordex in a capital increase that increased its stake from 33.6 % to 39.6%. The issue price of this transaction was EUR 8.70 per share.
In the first quarter, Nordex saw its net loss climb to 150.5 million euros in the first quarter as sales fell while raw material and logistics costs rose.
The first-half financial report will be published on August 11.
(1 EUR = 1.016 USD)
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