23 million new shares were placed at a price of EUR 49.50 under the 2008 capital increase. Due to strong demand, an additional 933,000 shares were issued under an over-allotment option (Greenshoe) from the holdings of the principal shareholder, Wiener Städtische Wechselseitige Versicherungsanstalt-Vermögensverwaltung. Existing shareholders were permitted to exercise their pre-emptive rights during this capital increase, with 14 existing shares entitling a shareholder to acquire three new shares.
Hybrid capital issue
In addition to the capital increase, a hybrid bond with a nominal value of EUR 250 million was issued. This bond has an indefinite term, an ordinary right to call the bond after ten years, and a coupon rate of 8% for this initial period, after which the bond bears interest at a variable rate. A bookbuilding procedure was used to place the bond with both institutional and retail investors. After a short time, the offering had to be closed early due to extremely high retail demand.
