FinanceAsia.com, 19 Dec 2008, Sameera Anand
Standard Chartered Bank said yesterday that shares in its £1.8 billion ($2.7 billion) rights issue, which was launched at the end of November, had been taken up by 97% of shareholders.
The rights shares were priced at a 49% discount to the closing share price on the London Stock Exchange on Friday, November 21, and at a 42% discount to the theoretical ex-rights price.
Temasek Holdings is the largest shareholder in Standard Chartered with a 19% stake. Before the issue was launched, the Singapore-headquartered investment firm said that it intended to take its rights entitlement and that it would also underwrite part of the remaining issue.
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