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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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EasyHotel, the UK budget hotel developer and franchise operator, has raised £50m through an increased share placement to fund the development of new hotels. Its CEO said expansion plans stretched as far as Sri Lanka and Iran. -
Indian state-owned Punjab National Bank sent shockwaves through the country’s financial system last week when it disclosed a $1.8bn fraud at one of its branches. The timing could not have been worse, with the announcement casting a shadow over other public sector banks, most of which are in dire need of capital, writes Jonathan Breen.
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The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.
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PRS Reit, a UK real estate investment trust that builds and owns private rented homes in the UK, has completed a £250m capital raising to invest in UK real estate.
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Cineworld, the UK cinema operator, has finished its £1.7bn rights issue to finance its reverse takeover of Regal Entertainment in the US, winning a high take-up from its shareholders.
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Indian state-owned Canara Bank has appointed a five-strong syndicate group to run a potential Rp45bn ($695.7m) qualified institutional placement (QIP), according to a senior banker on the deal.
