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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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The last six weeks of 2017 in European equity capital markets look set to be busy with rights issues, as a string of companies has announced plans to raise capital before year end. -
China Power International Development has tapped Bank of America Merrill Lynch to underwrite a cash call that could raise up to HK$4.5bn ($573m) for an acquisition.
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China Overseas Grand Oceans Group (Cogo) is taking the rights issue route to pay off debt, proposing to raise HK$4.7bn ($595.9m) from shareholders.
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In an unprecedented move to prop up its ailing state-owned banks, India announced a Rp2.1tr ($32.5bn) recapitalisation this week that market participants have hailed as a game changer. But while it goes a long way in plugging capital shortfalls, it is not yet clear if the injection will result in a feast of equity issuance, writes John Loh.
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Hutchison China MediTech pocketed $300m this week after executing a follow-on offering of its Nasdaq-listed American Depository Shares, increasing the deal size as it went.
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Russian lender Credit Bank of Moscow (CBM) raised Rb14.4bn ($250m) of fresh equity with a 13.4% capital increase this week.
