StanChart to launch £1.78 bln rights issue
Standard Chartered Plc<2888>
The British lender said it would offer 30 new ordinary shares for every 91 existing ordinary shares. The issue price of 390 pence per share comes at a discount of 48.7% to its latest closing price of 759.5 pence on Nov. 21. The issue price for Hong Kong shareholders is HK$45.11 apiece.
The bank's biggest shareholder, the Singapore state -owned investment company Temasek, plans to take up its rights and also participate in the underwriting of the issue, the bank said.
Meanwhile, the other underwriters include JPMorgan Chase & Co, UBS AG and Goldman Sachs Group Inc.
Currently, Temasek holds 19% stake in Standard Chartered.
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