African Bank prices rights issue at 38.72 percent discount
JOHANNESBURG Nov 1 (Reuters) - South African mass-lender African Bank Investments said on Friday it would be issuing 685.3 million new ordinary shares at a discount of 38.72 percent.
The bank plans to raise 5.5 billion rand ($549.70 million) at a subscription price of 800 cents per rights offer share.
Shareholders can exercise rights at 84 new shares for every 100 held, Abil said in a filing to the Johannesburg stock exchange.
Its shares were down 3.2 percent at 16.45 rand at 0727 GMT. ($1 = 10.0055 South African rand) (Reporting by Helen Nyambura-Mwaura; Editing by Pascal Fletcher)
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