Standard Chartered, a leading lender in emerging markets, is seeking to raise £1.78 billion through a rights issue in a bid to bolster its balance sheet as its core markets in Asia, Africa and the Middle East begin to feel the effects of the global downturn, The Times reports.
The UK-based lender said that Temasek, the Singaporean sovereign wealth fund which owns 19 per cent of the bank, was supportive of the rights issue and would subscribe in full for its entitlement of new shares. Investors, however, sent shares in Standard Chartered down 3.8% to 731p in early trading today. The fund raising is priced at 390p per share and will award subscribers 30 new shares for every 91 shares they already hold. FOR SALE: A portfolio of holdings in 70 of Britain's best-known companies, including the coffee chain Caffe Nero and David Lloyd Leisure, the health and fi...
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