By P.R. Venkat 
 

Prudential PLC will raise $2.4 billion by issuing new shares, proceeds of which will be used by the insurer to redeem high-coupon debt due in six months and invest for growth.

The U.K. insurer will sell 130.8 million new shares in the Hong Kong offer at a maximum price of 143.8 Hong Kong dollars per share (US$18.46), Prudential said late Sunday.

Dealings in the shares will start from Oct. 5, the insurer said.

"Our share offer allows investors to join us on our journey as we execute our strategy which we believe will result in long-term delivery of future shareholder returns through value appreciation, with a focus on achieving long-term double-digit growth in embedded value per share," Chief Executive Mike Wells said.

Citigroup, Credit Suisse, BofA Securities are among banks advising Prudential on the offering.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

September 26, 2021 18:29 ET (22:29 GMT)

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