Lamda raises 650 million euros in rights issue

Lamda Development raised 650 million euros via a rights issue to help finance part of a landmark project at Athens’ former Elliniko airport, it said on Tuesday.

Lamda, controlled by the Latsis family, announced the cash call in October to help fund a 8-billion-euro plan to turn Elliniko into a complex of luxury homes, hotels, offices and a casino.

The equity sale was oversubscribed by 1.1 times with 99 percent of it covered by investors who exercised their preemptive rights, Lamda said in a bourse filing.

[Reuters]