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RPT-UPDATE 1-Barclays to launch cash call on September 13
September 4, 2013 / 7:11 AM / 4 years ago

RPT-UPDATE 1-Barclays to launch cash call on September 13

LONDON, Sept 4 (Reuters) - British bank Barclays said on Wednesday it will launch its 5.8 billion pound ($9 billion) rights issue, the biggest by a British bank since 2009, on Sept. 13.

The bank is raising the money after Britain’s financial regulator said it needed an extra 12.8 billion pounds to cushion it against potential market shocks.

The rights issue will offer existing shareholders one new share at 185 pence for every four they currently own, a 40 percent discount to Barclays’ share price on the day before it was announced.

Barclays expects the new shares to start trading on Oct. 3.

Shares in the bank closed on Tuesday at 285 pence.

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