MADRID (Reuters) -Spanish telecom company Telefonica is preparing a capital increase as part of a new strategic plan to be disclosed in the coming months, news website Vozpopuli reported on Thursday,
Telefonica Plans Capital Increase Amid New Strategic Initiatives
Telefonica's Strategic Financial Moves
MADRID (Reuters) -Spanish telecom company Telefonica is preparing a capital increase as part of a new strategic plan to be disclosed in the coming months, news website Vozpopuli reported on Thursday, citing unnamed sources close to the company.
Details of the Capital Increase
It said Telefonica's management had discussed the possibility to raise cash through an issuance of new shares with investment bankers and leading shareholders such as the Spanish government, Spanish investment fund Criteria Caixa and Saudi Telecom, who were generally supportive of the idea.
Market Reaction to the News
A Telefonica spokesperson declined to comment.
Impact on Share Prices
Telefonica shares were down more than 6% in afternoon trading.
(Reporting by Inti Landauro, editing by Andrei Khalip)
