Banorte Specifies Follow-on Target

Banorte Specifies Follow-on Target

Mexico Equity

Banorte has given additional definition to its equity follow-on scheduled to price Tuesday, which would raise MXP29.43bn ($2.3bn) at Wednesday’s closing price. The Mexican bank plans to sell 403m primary shares, including a 15% greenshoe, and expects 201m to end up with Mexican inventors, according to an updated prospectus. The stake should represent 14.75% of the bank. Banorte indicated a $2bn base deal last week after initially aiming for $3bn. The bank will use the proceeds to pay back a loan

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