September 4, 2013 / 7:07 AM / 4 years ago

UPDATE 2-Barclays sets out details for September share issue

LONDON, Sept 4 (Reuters) - British bank Barclays said investors need to be on its share register by Sept. 13 to qualify for the launch of its 5.8 billion pound ($9 billion) rights issue.

The bank said on Wednesday the entitlement to take part in the issue will be the close of business on Sept. 13. The bank will publish a prospectus for the share issue after that time.

The issue is the biggest by a British bank since 2009. 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 were down 0.3 percent at 284.2 pence by 0820 GMT, in line with a slightly weaker European bank index.

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