NEW YORK (TheStreet) -- Shares of Banco Santander were falling 5.7% to $7.45 Thursday after the Spanish bank announced an accelerated placement of shares and a dividend cut. Banco Santander said it will ask for board approval to raise 7.5 billion euros ($8.88 billion) through an accelerated placement of shares, according to the Wall Street Journal. The bank would raise the capital by selling stock overnight to investors. The Spain-based bank also lowered annual dividend to 20 euro cents a share from its previous dividend of 60 cents a share. Banco Santander will pay the annual dividend in three cash dividends, and one scrip dividend. Exclusive Report: Jim Cramer's Best Stocks for 2015 STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. SAN data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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