BoI aims for €1.91bn share sale

BANK of Ireland is aiming to raise €1.91 billion from the upcoming rights issue element of its re-capitalisation effort.

The figure, announced by the bank yesterday evening, comes in at the lower end of its previously stated target range for the share sale — a result which had already been predicted by many banking analysts. The bank’s shareholders are due to vote on its re-capitalisation process at an extraordinary general meeting on Monday.

Bank of Ireland also said yesterday that around 73% of its subordinated bondholders have agreed to its debt-for-equity/cash offer. The company has previously said that it could raise a minimum of €2bn from a deal with its bondholders.