Placement portion of BTN’s rights issue raises $154 million

Indonesia’s Bank Tabungan Negara sets the rights issue price at a 17.4% discount to Terp and prices the placement at a 9% discount for a total deal size of $195 million.

Placement portion of BTN’s rights issue raises $154 million

The placement of the Indonesian government’s 71.85% entitlement in Bank Tabungan Negara’s BTN pending rights issue has raised Rp1.478 trillion $154 million for the bank and the government after being priced at a premium to the rights offering.

The placement, which closed on Wednesday last week after eight days of bookbuilding, was priced at Rp1,360 per share, which sources say represents a 9% discount to the theoretical ex-rights price Terp.


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