BNI clears 73% of rights issue through placement

Bank Negara Indonesia gets a head start on its $1.2 billion rights issue as the government's entitlement is sold to other investors at a 9.7% premium to the rights issue price.

Bank Negara Indonesia BNI has raised Rp8.4 trillion $930 million from the sale of the government’s portion of its pending rights issue through a placement. The placement was priced at Rp3,400 per share, which represents a 9.7% premium to the rights issue price of Rp3,100. This means the proceeds from the rights issue will be slightly greater than what it would have been had the government chosen to exercise its rights along with the minority shareholders.

The rights issue price...

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