Telekom Austria has announced it has completed a capital increase through issuing 221.5 million new shares, bringing the total to 664.5 million. Managing to raise €997 million in net proceeds in the process, the Austrian incumbent almost reached its original target of €1 billion.

Carlos Slim-owned América Móvil, one of Telekom Austria’s top shareholders will subscribed for about 132 new shares out of its total allotment of 254.5 million.

Austrian state holding company ÖIAG grabbed 63 million new shares thus maintaining its holding of the telco at approximately 28.42%. The remaining 0.3% of the new shares will be taken by Deutsche Bank and sold in the market.

“Telekom Austria intends to use the net proceeds of the capital increase to re-establish its target capital structure and maintain a credit rating of at least BBB (stable) by Standard & Poor,” the operator said in a statement. “This will allow Telekom Austria Group to pursue strategic investment priorities with the aim to strengthen the Telekom Austria Group’s operational performance and to return to a sustainable growth profile within the stated sound financial framework.”

América Móvil became the majority owner in Telekom Austria in July, marking Carlos Slim’s first entrance to the European market. The Austrian telco’s shares took a deep plunge last month when AM’s extended offer for it closed.