Pru unit exits E.Sun through $121 million block

Robert Jahrling has been promoted from co-head of Equity Capital Markets (ECM) in Australia and New Zealand to run the whole team.

The former Bank of America executive has relocated from London to Shanghai.

The move follows pledges by Chinese authorities to boost the stock market and improve investor sentiment as the domestic economy struggles.

The transaction ranks as the largest block trade in Asia ex-Japan this year and follows a smaller sell-down by Citi in June. Meanwhile, Dewan Housing issues $62 million of new shares in India's first QIP of size this year.

The price was raised by two rupees per share to Rs643 to prevent a large loss of shares when the block was crossed on the exchange yesterday morning.

The deal is priced at a 6% discount and downsized slightly from the original target as markets tumble during the bookbuilding.