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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 State Bank of India’s Rs80.1bn ($1.3bn) block on January 30 may rank been the country’s biggest ever qualified institutional placement (QIP) but bankers were left frustrated by the structure and the process which meant there was a four-day gap between books closing and finalising allocations. -
The Vereniging van Effectenbezitters (VEB), a Dutch investors' association, is set to take NSI to court over a €300m capital raise late last year that it says unfairly excluded the real estate firm's small investors.
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UK businesses are lagging behind European peers in using equity for fundraising because of fears of losing control of their firms, the Confederation of British Industry said on Monday.
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Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on January 24, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.
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With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.
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Record revenues — Genmab — Prime Office REIT — North Atlantic — Espirito Santo Irmaos
