Indra rises on the stock market after the departure of the Escribanos

BarcelonaThe Spanish defense and technology company Indra began trading on the stock market this Wednesday with an increase, hours after the departure from the shareholding of Escribano Mechanical & Engineering (EM&E), the company of brothers Ángel and Javier Escribano, who until Tuesday controlled 14.5% of the capital.

Thus, the shares of the Madrid-based group started the day with a timid increase of less than 0.5%, but by 9:15 a.m. they had surpassed 2.4%. At 9:45 a.m. —that is, three-quarters of an hour after the markets opened—, the shares remained in positive territory with an increase of 1.49% compared to the previous day's closing, at a price of 53.14 euros per share.

On Tuesday evening, EM&E informed the National Securities Market Commission (CNMC, the state stock market regulator) that it was divesting its share package through an accelerated market placement. The Escribano brothers were the second largest shareholders of the multinational, only behind the State Society of Industrial Holdings (SEPI), the industrial holding controlled by the Ministry of Finance, which holds approximately 28% of the shares.

Specifically, Ángel Escribano resigned last month as president following the Spanish government's opposition

to the purchase of his family business by Indra, and was replaced by the Catalan Àngel Simón. With his departure, the two brothers also lose the two seats they held on the company's board of directors.