June 19, 2018 / 6:31 AM / a month ago

British packaging firm DS Smith to raise $1.3 bln via rights issue

LONDON, June 19 (Reuters) - UK-based packaging group DS Smith said on Tuesday it would raise around 1 billion pounds ($1.32 billion) via a rights issue, with the proceeds to partly fund its acquisition of Spanish rival Europac for 1.9 billion euros ($2.21 billion).

The fully underwritten, three-for-11 share capital raise will see the firm issue 293 million new shares at 350 pence per share, representing 27.3 per cent of its existing share capital and 21.4 percent of its enlarged share capital following the acquisition.

Goldman Sachs and JPMorgan acted as joint bookrunners for the issue.

$1 = 0.7551 pounds $1 = 0.8614 euros Reporting by Emma Rumney, editing by Sinead Cruise

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