Investec Raises About $200 Million for Preference-Share Buybacks

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  • Stock slides as lender sells nearly 31 million shares
  • CEO says preference holders getting ‘significant premium’

Investec Plc raised 138.3 million pounds ($200 million), about 6.7 million pounds less then expected, by selling equity to buy back preference shares it and other South African banks issued about a decade ago. Stock was originally sold mainly to fund transactions aimed at boosting black ownership of the economy.

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