South African financial services company Discovery Ltd. has announced a new share placement to secure as much as 1.85 billion rands ($132 million) to finance a number of acquisitions from FirstRand Ltd, a holding company of lender FirstRand Bank.
Rand Merchant Insurance Holdings Ltd. intends to apply for as much as $32.5 million of the shares and certain directors of Discovery will subscribe for a total of $16.8 million of the shares.
The book for the placement is open with immediate effect.
And is expected to close as soon as possible with pricing and allocations to be announced after the closing.