Corpbanca Gains in Chile After Stock Sale for Acquisition
The lender controlled by Chilean billionaire Alvaro Saieh gained 1.8 percent to 6.76 pesos at 11:51 a.m. in Santiago after earlier rising as much as 5.4 percent in the steepest intraday advance since Jan. 4. The benchmark Ipsa index retreated 0.1 percent.
Corpbanca sold 12 billion new shares through a book building process at 6.25 pesos each, according to data from the stock exchange. It raised approximately $158 million with the sale today.
“The shares were more than seven times oversubscribed, which is a sign of the trust that local and international investors have in Corpbanca’s future,” Chief Executive Officer Fernando Massu told reporters at the Santiago exchange. Foreign investors bought 92 percent of the new shares, he said.
Corpbanca plans to sell an additional 47 billion new shares also at 6.25 pesos each to current shareholders in a rights offering that will extend between today and Feb. 14, according to a filing on the website of Chile’s securities regulator. The share sales are part of a financing plan to pay for its $1.28 billion purchase of Helm Bank.
The Santiago-based lender also sold $800 million in five- year notes last week as part of the funding process. The bank agreed to buy Banco Santander SA’s Colombian unit in December 2011 for $1.23 billion.
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