MADRID, Dec 17 (Reuters) - The board of Spanish services and construction company FCC approved a capital increase of 709.5 million euros ($766.6 million) on Thursday to pay down debt and bolster the group’s finances, the company said.
The core shareholders, Esther Koplowitz and Mexican billionaire Carlos Slim’s holding company Inversora Carso group, have pledged to fully subscribe their share of the capital increase while Inversora Carso has committed to buy any unsubscribed shares, FCC said in a statement.
FCC said 118.3 million new shares would be issued at a price of 6 euros per share, above Thursday’s closing price of 5.564 euros.
FCC said it would use proceeds from the capital increase to buy back its so-called “Tranche B” debt at a discount and to financially support its Cementos Portland unit.
$1 = 0.9255 euros Reporting by Adrian Croft; editing by Julien Toyer