KB Financial announces $777 million rights issue

KB Financial Group, the owner of Korea's Kookmin Bank, late Friday said it plans to raise approximately W1 trillion $777 million from an earlier announced rights issue. The renounceable offering will be open to investors who hold KB Financial shares on July 27 and the final offering price will be calculated on August 21.

The size of the offering is only half of the W2 trillion that the company had earlier indicated that it wanted to raise, based on information provided by investment banks that pitched for the mandate. KB Financial, which is still commonly referred to as Kookmin, didn't comment on the reduction in Friday's statement, but Bloomberg on Friday quoted KB Financial spokesman...