KPN investors gobble up rump stakes to finish EUR3bn rights banquet

16 May 2013

Netherlands-based telecoms group KPN yesterday completed a EUR3 billion (USD3.87 billion) rights issue. 97.4% of KPN’s two-for-one share issue was taken up by investors at a price of EUR1.06 per share, and the remaining shares were sold in a EUR131 million ‘rump offering’ to institutional investors at EUR1.75 per share, for which demand was reportedly strong. The share issue was aimed at reducing the group’s level of debt.

Netherlands, KPN, KPN Mobile (old - see KPN)