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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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Leftover rights from Banco Espirito Santo's rights issue were sold through a block trade on Tuesday night, readying investors to take part in the Portuguese lender's €1.1bn capital raise. -
Solar products manufacturer Shunfeng Photovoltaic International plans to raise HK$6bn ($774m) by issuing 600m new shares, making it the company’s largest fundraising in the past year. Not only that, it was only in September that Shunfeng sold 400m shares at HK$2.8 each, but an impressive rally in its share price means the company is now pricing them at a minimum HK$10.
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Italian lender Credito Valtellina is set to raise €400m through a rights issue, the latest in a run of Italian bank capital raises.
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Liberbank completed the first part of a two-pronged capital raise on Thursday, allowing its major shareholders to take part in an upcoming rights issue.
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Banco Espírito Santo last Friday announced a fully underwritten rights issue that will take the Portuguese bank’s core tier one capital to 9.6% in time for the European Central Bank’s asset quality review later in the summer.
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Deutsche Bank will raise €8bn through a rights issue launched on Sunday night, with investors surprised but pleased to see the bank's long-standing capital issues addressed.
