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Troubled RSA launches 773 million pound rights issue
March 25, 2014 / 7:12 AM / 4 years ago

Troubled RSA launches 773 million pound rights issue

LONDON, March 25 (Reuters) - Troubled British insurer RSA set out its plans for a fully underwritten rights issue on Tuesday, to raise 773 million pounds ($1.27 billion) to restore its capital position.

RSA, which reported a 244 million pound pretax loss for 2013 after it suffered an accounting scandal at its Irish business and large weather-related claims, said it would launch a 3 for 8 rights issue at 56 pence per share.

The price is a discount of around 40 percent on the closing price of Monday. ($1 = 0.6065 British Pounds) (Reporting by Kate Holton, Editing by Paul Sandle)

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