Barclays announces 4.5 billion pound share issue

Barclays Plc. (nyse: BCS - news - people ) confirmed plans to raise 4.5 billion pounds via an issue of 1.58 billion shares, with Sumitomo Mitsui Banking Corp, Qatar Investment Authority and the Qatar Holding chairman taking stakes in the bank.

The bank said the issue will enable it to 'strengthen its capital base and operate capital ratios that are ahead of its targets', but added it recognises underlying EPS may be lower in the short-term as a consequence of the issue.

Chief executive John Varley told reporters on a conference call that Barclays will use half of the proceeds of the fundraising to lift its tier one capital ratio -- a key measure of capital strength -- and the other half to fund new business opportunities.

Read Full Article from Forbes

- Posted: 2008-06-25 08:23:56

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