OCBC rights issue attracts strong interest

OCBC Bank on Monday said its fully subscribed rights issue has attracted overwhelming response.

The bank had in August offered one rights share for every eight existing shares held at S$7.65 apiece, to raise S$3.37 billion that would go towards its S$6.2 billion acquisition of Hong Kong's Wing Hang Bank.

The issue price represented a discount of 25 per cent to the closing price of S$10.20 per share at the point of the offer.