AIG raises $500m from PICC P&C block

The US insurer sold some 250 million shares in the accelerated offering, raising $500 million in the process.

US insurer American International Group raised $500 million after selling over 250 million shares in China's PICC Property and Casualty in a block trade Monday night.

The accelerated 254 million-share sale launched early Monday evening in Hong Kong under the joint leads of Goldman Sachs and Morgan Stanley. It was marketed in a range of HK$15 to HK$15.48 per unit, representing a 5.06% to 2.03% discount to the March 30 close of HK$15.80 per share, according to a term sheet seen by FinanceAsia.

Shares finally priced at $15.15 each early Tuesday morning, a 4.1% percent discount to the March...

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