Austria's second largest insurance firm, Uniqa Insurance Group AG, announced the sale of EUR757 million or USD1 billion worth of new shares. The proceeds from the sale would be utilized for the company's expansion into Eastern Europe as well as open up its investor profile to a wider range of individuals.

In the transaction, Uniqa had sold 94.8 million new shares, which is 44% of its existing stock prior to the deal. The price per share was pegged at EUR8 for institutional and retail investors. According to the Vienna based firm through a statement, the number of shares that would be available for trading would increase by 35% from just 6.9% because of the non-participation of its core shareholders in its rights offering.

In statement issued by the company, "Uniqa achieved another crucial milestone in its strategy to open the company to the capital markets." The insurer is seeking to be listed in the ATX, which is the main index of the Vienna Stock Exchange at the soonest possible time.

The main competitor of Uniqa is the Austrian market leader Vienna Insurance Group AG. The company is seeking to increase its client size to double its current number by 2020 through its planned expansion into the former European communist bloc,