Foschini’s fast capital increase swells as funds back M&A

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By Aidan Gregory
01 Aug 2017

Foschini Group, the South African fashion retailer, raised R2.5bn ($190m) of equity capital on Monday night, in an accelerated capital increase that was increased from R2bn.

Bookrunners Rand Merchant Bank and Morgan Stanley launched the sale at R2bn after the market close.

Due to the strength of the demand, the leads were able to place a total of 17.24m new shares worth R2.5bn, at a 4.4% discount to the closing price or R151.69 on Monday.

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