Permanent TSB funding cuts State stake to 75%

Permanent TSB has completed its €525m capital raise, which values the business at €2bn and lowers the Government’s shareholding in the bank to 75%.

Yesterday’s much-heralded move saw €400m raised through the sale of 88.9m ordinary shares at the very top end of PTSB’s recently announced price guidance, of €4.50 per share. The remaining €125m was, as expected, raised via a bond sale.

As announced last week, PTSB will now return €410.5m to the State (the remainder will go to shore-up capital shortfalls identified in last year’s ECB stress tests), via the repurchase of contingent capital notes.