Bankia has confirmed on Tuesday National Securities Market Commission placement of 7% of its capital, in hands of state between qualified investors. The operation has been sale of 201,553,250 shares of Bankia at a price of 4.06 euros, which means a discount of 2.7%. The titles of bank chaired by José Ignacio Goirigolzarri closed yesterday at 4.17 euros.Learn More
- The state puts on sale a 7% of Bankia, valued at about 840 million
The entity has had collaboration of Deutsche Bank AG, London Branch, Morgan Stanley and UBS for placement by order of BFA, matrix of Bankia.
After this operation, state goes from controlling 67.63% to 60.63%. In February of 2014 state already sold anor 7.5% of shares of nationalized Bankia. At that time it succeeded with package (which had day that a market value was commercialized of 1.365 billion euros) 1.304 billion euros. At that time it was sold to six euros per Acció.
Now government has until end of 2019 to privatize 60.63% that will still have Bankia after this placement. At rate that has gone, with sale of 15.5% of shares since 2014, will not meet objective so it is obliged to accelerate process of privatization, a factor that could influence and pressure on value quotation.
The key question is how much will be recovered from 22,424,000,000 taxpayers injected in Bankia. According to current price, to return all money, Bankia should raise a 150% in stock in two years, something no one expects.
In an interview published last Saturday in newspaper of Catalunya, José Ignacio Goirigolzarri, president of Bankia, asked about this topic, replied that "has already 1.8 billion and reintegrated 5 billion to preferentistas and retailers of Exit to bag. That everything is returned or not going to depend on an extraordinary form of price that market gives to financial system and of evolution of types. "But regardless of what final return is, Bankia bailout decision was right without a doubt."