mufg-seeks-106-billion-from-share-sales

MUFG seeks $10.6 billion from share sales

The re-capitalisation plan comes as share prices continue to plunge and follows the Japanese bank's own $9 billion capital injection into Morgan Stanley.
Mitsubishi UFJ Financial Group MUFG will raise Ñ990 billion $10.6 billion from the sale of common and preferred shares to replenish its capital base following its $9 billion investment into Morgan Stanley.

MUFG, which is JapanÆs largest bank in terms of assets, has little exposure to the toxic subprime-linked securities that has left its US and European peers billions of dollars in the red this year. But, like other Japanese banks, it has extensive shareholdings that are rapidly losing in value as the stockmarket continues to plunge. Yesterday, the Nikkei 225 index dropped 6.4% to 7,162 points, which marked its lowest close since October 1982. The index has now lost more than half its...
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