HF Group’s rights issue was oversubscribed by 38 percent, with shareholders offering the company Sh6.4 billion in the cash call whose proceeds will be used to buffer its capital levels ahead of new rules requiring banks to raise their core capital.
The lender had offered 1.153 billion shares in the issue seeking Sh4.6 billion, but received applications for 1.596 billion units. HF also retained a green shoe option for 346.15 million shares, which would raise the target amount to Sh5.99 billion.
