Italian real estate developer Risanamento SpA (RN.MI) said Tuesday it will call a meeting of shareholders Oct. 29 to approve a capital increase, a technical step necessary to complete its restructuring.

In late January, Risanamento shareholders approved a capital increase of EUR150 million and the issuing of an EUR350 million bond, both part of the company's restructuring plan to manage the nearly EUR3 billion in debt.

It needs a further approval from shareholders in compliance with Italian corporate law, since its share capital will be reduced ahead of the capital increase, the company said.

After the capital increase and the bond issue, the company will be controlled by its creditor banks. They are: Intesa Sanpaolo SpA (ISP.MI), UniCredit SpA (UCG.MI), Banca Monte dei Paschi di Siena SpA (BMPS.MI) and Banca Popolare di Milano SpA (MPI.MI).

-By Jennifer Clark, Dow Jones Newswires; 39 02 58 21 9904; jennifer.clark@dowjones.com
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