OCBC raises $2.7b in rights issue

The rights issue will help fund the Singaporean bank's $4.99 billion acquisition of Wing Hang Bank, one of Hong Kong's last remaining family-run lenders.

OCBC raises $2.7b in rights issue

Oversea-Chinese Banking Corp has raised S$3.37 billion $2.7 billion from a fully underwritten rights issue to help fund its acquisition of Hong Kong’s Wing Hang Bank.

According to a term sheet seen by FinanceAsia, 440 million shares are being sold at a ratio of one share for every eight held at S$7.65 per unit  a 25% discount to the August 15 closing price of S$9.92 per share.

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