Covestro AG said late Tuesday that shares were placed at a price of 43.85 euros ($51.50) each for its capital increase announced earlier the same day, resulting in gross proceeds of EUR447 million.
The German chemicals company said shares are scheduled to start trading on the Frankfurt stock exchange on Oct. 16.
"The 10,200,000 new no-par value ordinary bearer shares were placed with institutional investors by way of an accelerated bookbuilding process and carry dividend rights for the fiscal year 2020," it said.
Covestro said the proceeds from the increase would partially refinance its planned acquisition of a resins and functional-materials business from Koninklijke DSM NV.
Covestro shares closed at EUR44.25 on Tuesday.
Write to Olivia Bugault at olivia.bugault@wsj.com
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Covestro capital increase set at EUR43.85 a share - MarketWatch
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