osakeanti

Osakeanti is a corporate action in which a company issues new shares to raise capital. It is typically initiated by the board with authorization from the general meeting. The aim is to strengthen the balance sheet, support growth, finance acquisitions, or refinance debt. In practice, an osakeanti can be implemented as a rights issue, where existing shareholders are offered new shares with pre-emptive rights, or as a directed issue to strategic investors, which may be conducted without offering to current shareholders.

The most common form is the rights issue (oikeusanti), in which shareholders receive subscription rights (merkintäoikeudet) that can be traded on the market during a specified period. Shareholders may then subscribe for the new shares at a set price, usually below the current market price. The number of new shares offered and the subscription price are determined by the board and approved by the general meeting. If the rights are exercised, the company’s share capital increases and ownership is diluted unless all rights are fully exercised.

A directed issue (suora anti) is a second mode, where new shares are issued to specific investors, often institutional or strategic buyers, sometimes without offering the rights to existing shareholders. This can be used to attract strategic capital or accelerate transactions but may be subject to stricter regulatory and disclosure requirements.

Regulatory oversight, disclosure, and prospectus requirements vary by jurisdiction and the size of the offering. In addition to company law, market rules and listing standards typically govern the process, pricing, and trading of subscription rights.