MADRID, April 15 (Reuters) - Spanish bank Bankinter said on Thursday it intends to list the shares of its insurance unit Linea Directa on the Madrid stock market on April 29.
The bank’s board is due to meet on April 21 to approve the plan, Bankinter said in a statement.
Bankinter had unveiled the details of the Linea Directa spinoff and listing last month.
Linea Directa’s share price is expected to start at 1.318 euros ($1.58) per share and Bankinter would retain a 17.4% stake after the operation, while distributing the remaining 82.6% to existing Bankinter shareholders.
At that price, the insurance company would be worth about 1.43 billion euros, Bankinter has said.
Linea Directa’s flotation will be the first on the Madrid stock exchange this year out of around half a dozen expected.
Beside the insurer, several energy firms are planning to go public or to take a unit public in the coming weeks. Acciona has already started the process of spinning off its renewable energy unit, while energy firms such as Ecoener and Opdenergy are also set to raise funds by going public.
$1 = 0.8350 euros Reporting by Inti Landauro, editing by Andrei Khalip