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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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State Bank of India (SBI) is slated to launch a share sale in the week of March 16 that will raise between $2.0bn-$2.5bn, making it the largest ECM transaction to come out of the country since Coal India’s Rp226.13bn ($3.7bn) block deal. -
Mandarin Oriental International plans to hit the equity capital market next month for a $316m rights issue in a bid to de-gear its balance sheet.
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Food and beverage company Del Monte Pacific has successfully wrapped up its S$208.60m ($156m) rights offering, after strong support from some of its biggest shareholders led to the trade being oversubscribed.
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India’s GMR Infrastructure, which at the end of last year sought approval from the country’s regulator to raise new equity, has now firmed up terms for its three-for-14 rights offering, which will see it raise a chunky Rp14.02bn ($227m).
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Joy City Property, which was acquired by Cofco Land Holdings in December last year, plans to raise up to HK$6.40bn ($825m) from a one-for-two rights offering, as it seeks to pay off the outstanding balance of the acquisition.
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The UK government’s “dribble-out” trading plan to sell shares in Lloyds Bank has achieved £500m of sales, or 1% of the company, Chancellor of the Exchequer George Osborne said on Monday.
