The High Court of Ireland has ordered Irish Life & Permanent Group Holdings (IL&PGH) to issue $3.33 billion of new equity capital to the Minister for Finance as part of a recapitalization process, The Wall Street Journal reports. The new shares to be issued will consist of $3.33 billion of ordinary shares to be sold at nearly 6 cents a share and some $581 million if the contingent capital notes convert.

After the capital increase is completed, the ministry will hold in excess of 99% of the outstanding share capital of the company. After the share subscription, IL&PGH will have to pay an amount equal to $3.33 billion to Irish Life & Permanent, a 100% subsidiary of the company.

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