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25 June 2024

SocGen launches rights issue

By Agencies


Société Générale, the French bank reeling from a record rogue trading scandal, on Monday launched a rights issue at a steep discount to bolster its capital ratios.


The company said it was launching a one for four rights issue at €47.50 per share, which is 38.9 per cent below Friday's closing price and dilutes the share capital by 19.9 per cent. It aims to raise €5.5 billion (Dh29bn) and announced €600 million in fresh write-downs. (Reuters)