Deutsche Bank to Raise $8.6 Billion After Pricing Share Sale - Bloomberg

Deutsche Bank to Raise $8.6 Billion After Pricing Share Sale - Bloomberg: "Deutsche Bank AG said it will raise 8 billion euros ($8.6 billion) from a capital increase starting this week as the lender seeks to shore up its finances and boost growth.

The Frankfurt-based company will issue 687.5 million new shares at 11.65 euros apiece, it said in a statement on Sunday, in-line with the bank’s March 5 announcement on the planned sale. The shares are priced at a discount of about 35 percent from Friday’s close and almost 41 percent since Bloomberg first reported that the bank was weighing a capital raising. Existing investors will be able to acquire one new share for each two shares they now hold.

The share sale, which will run from March 21 through April 4, will be the fourth capital infusion for Deutsche Bank since 2010. Chief Executive Officer John Cryan, who had previously said he didn’t want to tap shareholders, reversed course this month after the shares almost doubled from their September low and Deutsche Bank was unable to find a buyer for a consumer banking unit.

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