Registered users can save articles to their personal articles list. Login here or sign up here

Discovery bookbuild to raise as much as R1.8bn

RMI to apply for as much as R464m of the shares, certain directors of Discovery – including Adria Gore – to subscribe for R240m collectively.
Discovery said it’s going to place new shares in an accelerated bookbuild to raise as much as R1.85 billion to finance a number of acquisitions from FirstRand.

Rand Merchant Insurance intends to apply for as much as R464 million of the shares and certain directors of Discovery, including chief executive officer Adrian Gore, will subscribe for a total of R240 million of the shares, the Johannesburg company said in a statement on Thursday.

The book for the placement is “open with immediate effect and is expected to close as soon as possible” with pricing and allocations to be announced after the closing, Discovery said.

Discovery is separating its business from FirstRand because it’s about to start a rival banking operation.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Or choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be suspended at any time.

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2