Italian bank Monte dei Paschi di Siena had a volatile morning on the stock market Friday, following the Thursday announcement of a 3-billion-euro capital increase at a large discount to start Monday.
Trading of shares was initially suspended Friday due to excessive losses, but then stabilized in positive territory up 3.52%, at 9.71 euros per share.
The capital increase will offer new shares at 1.17 euros each, representing a 38.9% discount, with 10 new shares for every stock already held.
The bank's previous capital increase of 5 billion euros in 2014 offered shares at a 35.5% discount.
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