Permanent TSB said to raise €400m on Irish Stock Exchange

Permanent TSB is expected to launch a public share offering on Tuesday to raise €400 million, marking its return to the main Dublin stock exchange four years after it was delisted.

The lender last week secured approval from the Irish government, which owns 99 per cent of the bank, to raise up to €400 million in equity, but it did not specify whether the shares would be sold via a public or private offering.

A spokesman for the bank declined to comment.

Ireland’s third-largest domestically-owned bank has said it plans to raise a further €125 million by selling bonds to fill a capital shortfall identified in European stress tests last year.

The additional tier one bonds would convert into equity or be written down if the bank’s capital levels fall below a certain level.

Reuters