Chesnara raises £140m for HSBC Life acquisition

The new shares were priced at 176p per share, Chesnara received valid acceptances for just over 70 million new ordinary shares, or approximately 88% of the total shares issued. The amount raised will be used to aid in the consolidator's acquisition of insurer HSBC Life UK, according to Steve Murray, CEO, Chesnara. He said: "I am pleased to announce we have successfully raised gross proceeds of £140m to support the financing of our proposed acquisition of HSBC Life UK." For the remaining 12% of shares not under acceptance, RBS and ABN AMRO will be responsible for finding subscribers...