Grifols shares plummet 12.3% due to a possible capital increase

June 29. () –

Grifols shares have plummeted 12.33% in the session this Wednesday, to 16.99 euros, before a possible capital increase of about 2,000 million euros with the aim of reducing debt.

The company’s titles began this Wednesday’s session leading the increases in the Ibex 35, with an increase of 1.17%, and later reversed the trend, until presenting the largest falls in the Spanish selective.

As reported this Wednesday by ‘El Confidencial’, citing different market sources, the Catalan pharmaceutical company, founded and controlled by the Grifols family and assisted by its director and court advisor, Tomás Dagá, is negotiating a capital increase of up to 2,000 million with various funds euros, the equivalent of almost 20% of the company, to reduce the debt of 6,500 million that has been dragging since last year.

The operation has been activated after breaking with the Hellman & Friedman fund and the firm would be probing several investment banks with the operation well advanced.

From the Sabadell analysis direction they have highlighted that it is “negative and unexpected” news. In his opinion, the expansion would allow the ratio of net financial debt to Ebitda to be reduced to approximately 3.6 times, but with a “significant” dilutive impact.

“Taking into account the incipient recovery of the operation, the absence of ‘covenants’ in its debt and relevant maturities until 2025, we did not expect a capital increase”, they have indicated from Sabadell.

Renta 4 senior analyst Álvaro Arístegui has pointed out that if the operation is really in its final stages, the company should make some kind of communication at its Investor Day, which will take place this Thursday in Barcelona.

In his opinion, the impact on the company’s price will ultimately depend on the price at which the entry of the aforementioned funds is negotiated. “If anything, debt restructuring and reduction would be positive news for the long-term sustainability of the business,” he says.

Company sources consulted by Europa Press indicate that they do not comment on market rumours.