Key Insurance rights issue pulls in $668 million
The recently closed renounceable rights issue by Key Insurance Company Limited has pulled in $668 million from shareholders, just $2 million shy of the original target of $670 million.
The renounceable rights issue, which opened on December 11, 2020 and closed one month later on January 11, 2021 saw up to 190,863,000 new ordinary shares being created at a subscription price of $3.50 per share. The company had reported that it wanted to raise $670 million by offering existing shareholders the right to subscribe for additional shares, in proportion to their existing shareholding via a rights issue.
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