Italian banking group Monte dei Paschi di Siena (MPS) has commenced a new share sale to secure as much as €2.5bn, reported Reuters.

The sale represents the 7th of its kind in 14 years and will help the bank to back its new overhauling scheme.

As part of the sale, MPS is providing its shareholders with 374 new shares for every three shares that are held at €2 each.

Last week, Italy’s market regulator Consob had fixed the shares’ reference value at €2.0630 each. The pricing has eliminated a theoretical value for the bank’s subscription rights of €7.8371 each.

On Monday, MPS’ stock gained strongly in early trade, leading to an interruption of trading.    

According to data provided by Refinitiv, value of the bank’s stock has decreased by more than half in the last few days. It has brought the total fall so far this year to around 90%.

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MPS’ latest sale comes shortly after the bank secured support from a group of investors to go ahead with the scheme last week.

In order to gain the support, MPS has agreed to pay €125m in fees to eight banks, including Bank of America, Citigroup, Credit Suisse and others.

The troubled group will also have to look for investors who will purchase 50% of around €900m of the capital raise that cannot be made up by the state, which owns 64% stake in MPS after a 2017 bailout.