standard-chartered-rights-issue-sails-through

Standard Chartered rights issue sails through

Priced at a 49% discount, the rights issue entices 97% of shareholders to pick up their entitlements and helps to bolster the bank's capital by $2.7 billion.
Standard Chartered Bank said yesterday that shares in its ú1.8 billion $2.7 billion rights issue, which was launched at the end of November, had been taken up by 97% of shareholders.

On November 24, Standard Chartered announced a rights issue of shares priced at ú3.90 per share. Existing shareholders were offered 30 new shares for every 91 shares they held. The decision to sell the shares came days after the bank announced a deal to buy 100% of brokerage firm Cazenove Asia and led to some speculation that the bank, which is listed in both London and Hong Kong, could be shoring up capital to pursue further acquisitions.

The rights shares were priced at a...
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