May 16, 2019 / 3:53 PM / 8 days ago

Britain's Metro Bank to raise 350 mln stg via bookbuild

LONDON, May 16 (Reuters) - Embattled British lender Metro Bank announced plans on Thursday to raise 350 million pounds at a price of 500 pence per share through an accelerated bookbuild closing no later than 4pm BST tomorrow.

The capital injection is needed to shore up its finances, five months after admitting it had under-reported the risk of its loan book by nearly 1 billion pounds.

Reporting By Iain Withers and Sinead Cruise, editing by Huw Jones

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