Banks to mop up new Saipem shares for 592 mln euros after cash call

MILAN, July 14 (Reuters) - A pool of banks will have to buy shares worth just less 600 million euros ($601.9 million) in Saipem after a cash call by the Italian energy services firm fell short of the 2 billion euro target it was seeking from investors.

Saipem on Thursday said it sold further new shares worth just 12.4 million euros following an auction of unexercised rights, after raising an initial 1.4 billion euros, or 70% of the targeted amount.

This brings the cash call coverage to 70.4%, Saipem said.

($1 = 0.9968 euros) (Reporting by Giulio Piovaccari and Keith Weir, editing by Gianluca Semeraro)