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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 London Stock Exchange Group will raise up to $1.6bn through a rights issue to partly finance its $2.7bn acquisition of index services firm Frank Russell Company. -
The Securities and Exchange Board of India (Sebi) has made some much-needed changes to its ECM rulebook, which bankers say will wake up the country’s equity market and keep it busy for the next three years, writes Rashmi Kumar.
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Indian telecoms giant Reliance Communications raised Rs48bn ($800m) on June 25 via an increased qualified institutional placement that had plenty of investors putting in large orders.
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Agricultural Bank of China (ABC) and the London Stock Exchange (LSE) are exploring how to launch renminbi-denominated Global Depository Receipts (GDRs) in the UK in what would be a landmark development of the offshore RMB market, two market sources have told GlobalRMB, a sister publication of GlobalCapital Asia.
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Banco Comercial Portugues has launched a €2.25bn rights issue to finance the repayment of €1.85bn of state hybrid capital lent to the firm during its bailout by Portugal.
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Snack maker Uni-President China Holdings’ one for five HK$3.38bn ($423m) rights issue was extremely well received by shareholders, with the transaction ending up more than nine times covered.
