Underwriting secures success for Ericsson rights issue

Ericsson, the indebted Swedish telecoms equipment manufacturer, has successfully completed its Skr30bn (€3.2bn) rights issue, one of the largest ever fully underwritten equity rights offerings.

Bankers expressed relief over the success of the rights issue, which had a 99.5% take up and was oversubscribed, despite weak public markets and lack of investor confidence in the telecoms sector.

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