Bank of China to raise 60 bln yuan in rights issue to replenish capital

Xinhua reports, “Bank of China (BOC), the country’s fourth-largest lender by assets, said Friday it would raise up to 60 billion yuan (8.97 billion U.S. dollars) in a dual rights issue in Shanghai and Hong Kong stock exchanges to replenish capital.

In a statement filed to the Shanghai and Hong Kong stock exchanges, BOC said it will sell one share for every 10 existing shares and start taking subscriptions from existing investors on Nov. 3.

The new shares are priced at 2.36 yuan per share for A-share investors on Shanghai Stock Exchange or 2.74 HK dollars for H-share investors in Hong Kong, it said.

According to the lender’s equity structure, BOC will raise about 42 billion yuan (6.28 billion U.S. dollars) from A-share shareholders and 18 billion yuan (2.69 billion U.S. dollars) from H-share investors.”

Read more: Xinhua

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