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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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Numericable completed its €4.7bn capital increase this week, bringing to an end the financing for the French cable operator’s acquisition of SFR.
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Agile Property Holdings’ delayed rights issue saw a massive oversubscription of 2.54 times after its controlling shareholder stepped in to underwrite the entire deal. -
Management roadshows have started this week for the Indian government’s divestment of a 5% stake in Oil and Natural Gas Corp (ONGC), expected to fetch around Rp169.50bn ($2.75bn) based on its market capitalisation.
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China’s Autohome, an online platform for automobile consumers, has opened books for a follow-on offering of 8.5m American Depositary Receipts (ADSs), which could raise proceeds of as much as $368.10m.
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Società Cattolica di Assicurazione, the Italian insurance company undertaking a €500m rights issue, looks set to provide its underwriters with a nervy few weeks. The shares began trading ex-rights on Monday and have already fallen to within 14% of the subscription price.
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Lotos, the Polish oil refiner, on Thursday set pricing on a Z1bn ($294m) rights offer that it has been planning to finance investments in its refineries and oil fields.
