Bank of China to raise $8.86 bn through rights issue

By IANS,

Hong Kong : Bank of China announced Friday that it expected to raise about 60 billion yuan ($8.86 billion) through share rights issue.

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In a statement filed to the Hong Kong stock exchange, Bank of China said it was seeking the approval of its shareholders for the rights issue “in order to strengthen the capital base of the bank and to improve its capital adequacy ratio”, Xinhua reported.

“The gross proceeds to be raised from the rights issue will be no more than 60 billion yuan. The final amount of gross proceeds shall be determined by the actual subscription price and number of the rights shares to be issued at the time of the rights issue,” said a statement.