Herbert Smith Freehills and Ashurst have the lead roles on a planned rights issue by the Commonwealth Bank of Australia that is expected to raise $3.7 billion to increase its capital reserves.
CBA, Australia’s second largest lender, is offering its existing shareholders an option to buy one new share for 23 shares they own at a 10.5 percent discount to closing price on Aug. 11. The issue will start on Aug. 26 for institutional investors and in September for retail investors.
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