BoI To Sell €1.91B Of Shares

Bank of Ireland(BoI) is seeking to raise around €1.91 billion through a share sale,Bloombergreports. The move comes as the lender requires €5.2 billion to boost its balance sheet against mounting bad loan losses and meet regulatory capital targets.

The government may hold between a 29% and 70% stake of the lender after the sale. BoI will issue €654.17 million of new notes and pay investors over €12.67 million in cash as a part of its debt exchange deal, addsIrish Examiner. The Irish central bank has also extended the bank’s deadline to raise a further €510 million to December 31.

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