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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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Europe’s leading stocks soared 4% on Monday, as hopes rose of a deal between Greece and its creditors. But there was little concrete reason for stocks to rally, and it may have been a sign of the fragile confidence in this rise that no shareholders chose this evening to sell blocks of stock.
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Jardine Cycle & Carriage is planning to raise S$1.03bn ($772m) from a one-for-nine rights issue, with the aim of repaying loans it took on earlier this year to fund its acquisition of a stake in Thailand’s Siam City Cement Public Company. -
In a week barren of equity block trades in London, the only action came from South Africa, where Investec Bank conducted an accelerated bookbuild from its Johannesburg desk on Wednesday night (June 17), to finance an acquisition for Investec Property Fund.
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A flush of India’s public sector banks (PSBs) have kicked off capital raising plans as they look to fill their coffers ahead of the full implementation of Basel III rules in 2019, and with credit growth set to expand as the economy emerges from a long slumber.
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IndiGo, the Indian budget airline, has fine-tuned its corporate structure to create more headroom for foreign investors as it inches closer to a $400m-$500m IPO in the second half of the year or 2016.
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With more than 20 initial public offerings in the market in the pre-summer rush to get deals done, more and more equity capital markets bankers believe not all the transactions can succeed.
