Sunday,HSBC Holdings Plc (HBC: News ,HSBA.L: News ) revealed that its investors took up 96.6% of the rights issue to raise about 12.5 billion pounds or US$17.7 billion, net of expenses. The bank announced the rights issue early last month. HSBC will use the proceeds to strengthen capital and finance acquisitions that fit with the company's strategy of expansion in emerging markets.In a statement, group chairman, Stephen Green said, "I would like to thank shareholders for their support in this successful Rights Issue. This underlines our determination that HSBC should maintain its signature financial strength which has served us so well over HSBC's long history. We remain confident that HSBC is well-placed in today's environment and that our strength leads to opportunity."
Goldman Sachs International is acting as sponsor and corporate broker, joint global co-ordinator and joint book runner of the Rights Issue. JPMorgan Cazenove is acting as joint global co-ordinator and joint book runner. Further, HSBC Bank plc is acting as joint global co-ordinator, joint book runner and corporate broker.HSBC, unlike rivals Royal Bank of Scotland Group Plc (RBS, RBS.L) and Lloyds Banking Group Plc (LYG, LLOY.L), did not need a capital injection from the government and its share offering is fully underwritten.
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