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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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Malaysia’s Sunway Construction Group has netted cornerstone commitments from six local funds for its up to MR550m ($147m) IPO, giving the float some early momentum before it launches. -
Indian pharmaceutical company Lupin has obtained the nod from its board of directors to raise a hefty Rp75bn ($1.2bn) in fresh equity.
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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.
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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.
