BPI uses up P25-B stock rights proceeds
MANILA, Philippines - Bank of Philippine Islands (BPI), the main banking unit of the Ayala Group, said it has fully utilized the P25-billion proceeds from its stock rights offer.
In its quarterly report to the local bourse, the publicly-listed lender said some P7 billion of the proceeds of the stock offering last February was used up for relending.
The remaining P18 billion, it said, was utilized for investing to other businesses of the bank.
BPI successfully raised P25 billion early this year through the stock rights offering of 370.37 million shares at P67.50 per share.
The bank received strong support from its stockholders, both domestic and foreign, with 99 percent take-up and over P33.5 billion worth of subscriptions.
The stock offer raised BPI’s Tier 1 capital to 18.6 percent from 14.7 percent.
As of end- September 2013, BPI is one of the well capitalized banks in the country.
The stock offer was also the largest capital markets transaction in the bank’s 162-year history.
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