Standard Chartered receives 98.5% take-up of rights issue

Standard Chartered acheived a 98.5% take-up of its rights issue, raising £3.29bn for the Asian-focused banking group.

London-listed Standard Chartered received valid acceptances for 256.7m new ordinary shares. The group is offering one new share at £12.80 for every eight investors already own. The bank unveiled the rights issues last month in an early move to strengthen its capital position ahead of tougher banking regulation. It says the its core Tier 1 capital ratio will climb by about 200bp to 10% following the share sale, well in excess of Basel III requirements.   After an hour of trading, its shares had advanced 0.62% or 12 points to £19.62.