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STANDARD Chartered is planning a $3 billion rights issue to boost its capital reserves and ease investors' concerns about its ability to weather a severe economic downturn, the Financial Times reported on Monday.
StanChart was on Sunday night finalising details of the issue, which is expected to be priced at about 400 pence per share - a large discount to Friday's closing price of 759.5 pence, the FT said. Barring any last-minute hitches, an announcement is expected on Monday, the paper said, adding that the bank declined to comment.
StanChart could not be immediately reached by Reuters.
StanChart said on Nov 17 it was comfortable with its capital position after the Sunday Telegraph newspaper said it was considering raising billion of pounds to boost its balance sheet.
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