BPI raises P50B from stock rights offer
It was the biggest fund-raising exercise in the bank’s history.
Bank of the Philippine Islands (BPI) succeeded in convincing investors to infuse an additional P50 billion in fresh capital.
In a disclosure, the bank owned by the bilyonaryo Ayala clan announced that it completed its stock rights offering last April 25.
The bank issued 558.7 million new common shares to existing stockholders. The offering was oversubscribed as both domestic and foreign investors went to make their bets.
“The overwhelming success of our stock rights offer is testament to our shareholders’ support of our ability to execute on our growth strategy,” BPI president and CEO Cezar Consing said.