DBS Thai Danu raises $343 million in new funds

Lack of institutional support saw DBS take up most of the issue. But now Danu can focus on its planned bad loan auction.

DBS Thai Danu Bank PLC Danu, one of ThailandÆs smallest lenders, has completed a Bt13.5 billion $343 million rights issue that will go towards offsetting its bad loan book. Most of the new funds came from its parent, Development Bank of Singapore DBS, Singapore's biggest banking group.

Danu offered 1.1 billion new shares to its existing shareholders on 25 May. Shareholders received one new share and one warrant for each share they owned. Danu has also made a private placement of another 250 million new shares with attached warrants to local fund managers. Both these equity offerings were priced at Bt10 per share, higher than the Bt7.8 trading price at the...

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