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25 April 2024

SocGen rights issue oversubscribed by 1.8 times

By Agencies


French bank Societe Generale said on Tuesday that its 5.5 billion euro ($8.45 billion) rights issue was oversubscribed by 1.8 times.

SocGen carried out the rights issue to bolster its finances after unveiling in January 4.9 billion euros of trading losses which SocGen blamed on rogue deals carried out by one of its traders.

SocGen had launched a one-for-four rights issue at 47.50 euros a share. The issue was fully underwritten by JP Morgan and Morgan Stanley.

Many investors had bought the SocGen rights issue shares due to ongoing bid speculation surrounding SocGen. France's biggest listed bank BNP Paribas has said it is looking at SocGen.