(Bloomberg) -- Discovery Ltd. said it's going to place new shares in an accelerated bookbuild to raise as much as 1.85 billion rand ($132 million) to finance a number of acquisitions from FirstRand Ltd.
Rand Merchant Insurance Holdings Ltd. intends to apply for as much as 464 million rand of the shares and certain directors of Discovery, including Chief Executive Officer Adrian Gore, will subscribe for a total of 240 million rand of the shares, the Johannesburg company said in a statement on Thursday.
The book for the placement is “open with immediate effect and is expected to close as soon as possible” with pricing and allocations to be announced after the closing, Discovery said.
Discovery is separating its business from FirstRand because it's about to start a rival banking operation.
To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net
To contact the editors responsible for this story: Alastair Reed at areed12@bloomberg.net, Hilton Shone
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