Makati—(PHStocks)—Rizal Commercial Banking Corporation (PSE: RCB) and IFC Capitalization (Equity) Fund L.P. have signed a subscription agreement wherein the Equity Fund agreed to initially subscribe to common shares equal to the lesser of: (a) 45,152,710 shares, or (b) the Peso equivalent of $100 million worth of shares, at a price of PhP58.00 per share.
RCBC also granted the Equity Fund a four-month option to subscribe and purchase from RCBC, additional common shares valued at $100 million less the initial subscription amount. Should the Equity Fund exercise such option, the additional shares will also be purchased at PhP58.00 per share. This was approved by the Bank’s Board last January 4, 2013.
Closing of the transaction remains subject to BSP approval.