MANILA Jan 10 Bank of the Philippine Islands has priced a rights issue at a 22 percent discount as the Philippines' largest lender by market value seeks to raise up to $560 million in one of the country's biggest-ever share sales.
In a securities filing on Friday, the bank said it will offer up to 370.37 million shares at 67.50 pesos apiece to existing investors, led by Philippines conglomerate Ayala Corp with a 44 percent stake in BPI. The bank's shares closed at 86.15 pesos on Thursday ahead of the pricing.
At 10:32 a.m. [0232 GMT] on Friday, after the filing was made public, BPI shares were down 2 percent at 84.45 pesos.
Ayala previously said it will support the 10-day offer, which starts on Jan. 20. The proceeds, a maximum of 25 billion pesos ($560 million), are designed to help BPI boost lending and strengthen its balance sheet ahead of stricter international rules on capital requirements for banks.
($1 = 44.7 Philippine pesos)
(Reporting by Erik dela Cruz; Editing by Kenneth Maxwell)