RCBC shares tank as worries mount on share sale
Rizal Commercial Banking Corp. slumped to its 17-month low after it priced its stock rights offering at a discount.
RCBC shares fell as much as eight percent to P32 each, lowest since Jan. 4, 2017.after the Yuchengxo-led bank priced its rights share at P28 apiece.
The stock closed 4.3 percent lower at P33.10 Friday.
RCBC will be offering 535.71 million common shares to eligible shareholders at a ratio of one share for
every 2.6132 common shares held as of June 14.
The offering will run from June 25 to 29.
Proceeds from the offering, amounting to P15.12 billion, will be used to strengthen the lender’s capital ratio under the Basel 3 standards.