(Alliance News) - Portobello Spa announced Monday that it has approved a EUR6.0 million capital increase reserved for institutional investors.

The aucap will be carried out through the issuance of 857,100 ordinary shares of the company, offered through accelerated bookbuilding at EUR7.00 each.

MIT SIM Spa will act as bookrunner of the accelerated bookbuilding while Portobello will be assisted in the transaction by law firm Herbert Smith Freehills.

Portobello's stock closed Monday down 3.3 percent at EUR8.80 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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