MUNICH (dpa-AFX) - Power engineering group Siemens Energy has completed its announced billion-euro capital increase. Almost 72.7 million new shares were placed with institutional investors, the company announced on Wednesday evening. This represents a ten percent increase in the company's capital stock. The price set was 17.32 euros per share. The gross proceeds thus amount to almost 1.26 billion euros. The money is to be used to partially finance the complete takeover of wind power subsidiary Siemens Gamesa.

"Interest in the capital increase was so high that it was oversubscribed almost four times," commented Chief Financial Officer Maria Ferraro. The placement had been carried out in an accelerated procedure, and shareholders' subscription rights were excluded. This also affects the largest shareholder, Siemens AG, which still holds 35 percent after the spin-off of Siemens Energy in September 2020.

The group had already held out the prospect of a capital increase with a volume of up to €1.5 billion at the beginning of February to further refinance the Gamesa bid, which is worth a total of €4 billion. When it published its takeover plans last year, Siemens Energy announced that it would finance up to €2.5 billion of the transaction with equity or equity-like instruments. In September, Energy already raised almost one billion through the issue of convertible bonds. The remaining amount will be financed through debt and existing cash./nas/jha/