August 14, 2017 / 11:11 PM / 2 years ago

BRIEF-Challenger ‍announces strategic relationship with MS&AD Insurance Group Holdings

Aug 15 (Reuters) - Challenger Ltd

* ‍Announced a strategic relationship with MS&AD Insurance Group Holdings Inc supported by a $500 million equity placement to MS&AD​

* MS&AD’s holding will hold 6.3% stake and MS&AD has stated intention to grow its holding to 10% over next 12 months

* ‍Challenger ordinary shares will be issued at $13.06 per share; new shares issued to MS&AD will not be eligible for final 2017 dividend​ Source text for Eikon: Further company coverage: (bangalore.newsroom@thomsonreuters.com)

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