MANILA - Bank of the Philippine Islands has priced a rights issue at a 22 percent discount as the Philippines' largest lender by market value seeks to raise up to $560 million in one of the country's biggest-ever share sales.
In a securities filing on Friday, the bank said it will offer up to 370.37 million shares at P67.50 apiece to existing investors, led by Philippines conglomerate Ayala Corp AC.PS with a 44 percent stake in BPI. The bank's shares closed at P86.15 on Thursday ahead of the pricing.
At 10:32 a.m. 0232 GMT on Friday, after the filing was made public, BPI shares were down 2 percent at P84.45.
Ayala previously said it will support the 10-day offer, which starts on Jan. 20. The proceeds, a maximum of P25 billion ($560 million), are designed to help BPI boost lending and strengthen its balance sheet ahead of stricter international rules on capital requirements for banks.