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China Merchants’ IPO plan rises to $2.6b

(Agencies)
Updated: 2009-10-10 11:34

China Merchants Bank said Friday that it has raised the size of its planned rights issue by 22 percent and adjusted the ratio of the issue, Reuters reported.

Related readings:  China Merchants Bank H1 net profit drops 37.62%  China Merchants Bank may set up more overseas branches  China Merchants Bank's profit up 38% in 2008  China Merchants Bank plans $21b financial bonds

The lender said it now planned to raise 18 billion yuan ($2.6 billion) to 22 billion yuan from an earlier range of 15 billion to 18 billion yuan, according to an announcement on the Hong Kong Stock Exchange.

The bank added that it would offer up to 2.5 shares for each 10 existing shares held, compared with its previous plan to offer 2 shares for every 10, the news service said.