ATHENS, May 22 (Reuters) - Shares in Greece's largest lender National Bank (NBG) will trade without rights to buy into its 9.75 billion euro share issue from May 24, the Athens stock exchange said on Wednesday after the securities regulator cleared NBG's prospectus for the offer.
Greece's top four banks, including National, need 27.5 billion euros in fresh funds after incurring losses on bad loans and on the country's sovereign debt writedown.
NBG will issue new shares to plug a 9.75 billion-euro capital hole, aiming to raise up to 12 percent or 1.17 billion euros via a 2.2-for-one rights issue at 4.29 euros a share, adjusted for a 1-for-10 reverse share split.
The rest of the capital will be pumped in by the Hellenic Financial Stability Fund (HFSF), a state bank rescue fund, in exchange for shares. NBG will issue a total of 2.27 billion shares.
The Athens bourse said the rights will trade from May 30 to June 7 and the subscription period for the offering will run from May 30 to June 13.
NBG's current outstanding shares will be temporarily suspended from trade from May 24 to allow for the reverse share split to clear, as per Athens stock exchange regulations. Trading will resume on May 30.
Under the recapitalisation rules laid down by Greece's creditors at least 10 percent of banks' new common equity must be raised from the private sector for them to stay privately run.
(Reporting by George Georgiopoulos; Editing by Greg Mahlich) Keywords: GREECE NBG/
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