NEW YORK (TheStreet) -- Shares of National Bank of Greece (NBG) fell more than 5% to a 52-week low of $2.04 on Wednesday after the company announced a secondary offering of existing shares in Turkish bank Finansbank.
The offering is valued at approximately 80 million Turkish liras, or approximately $35.5 million. The amount of the offering is approximately 2.25% of the company's paid-in capital of Finansbank.
National Bank of Greece also allowed an overallotment option of up to 26.9% of the share capital. The bank said it would retain majority in and control of Finansbank.
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The offering is subject to approval from appropriate regulatory authorities.
More than 8.7 million shares had changed hands as of 3:16 p.m., compared to the average volume of 4,148,270.
Separately, TheStreet Ratings team rates NATIONAL BANK OF GREECE as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NATIONAL BANK OF GREECE (NBG) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."