Deutsche Bank Fixes Price For Share Sale At €33/Share, To Issue 308.6 Million New Shares
The bank notes it will issue 308.6 million shares for total gross proceeds of €10.2 billion. This is somewhat perplexing as the bank currently trades at €46.88 on the XETRA. In other words, DB is selling one third of itself on a pro forma basis. Of course, this will mean a bloodbath for all the smaller banks once they commence their Basel III required capital raising activities as their discount will have to be far greater than DB's.