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China's Legend Holdings, Reinet Fund to take part in Pension Insurance equity raising

PensionInsurance Corp. Plc is looking to raise around £250 million ofequity capital via the issuance of new shares in the company at a subscriptionprice of 193.88 pence apiece.

Shareholder Reinet Fund SCA FIS will increase its holdingsin Pension Insurance with an investment of up to £140 million, while Chineseinvestment firm Legend Holdings agreed to invest up to £110 million in the U.K. pension buyoutfirm, subject to shareholders not exercising all of their pre-emption rights,the company said May 5.

Pension Insurance parent Pension Corp. Group Ltd. hasagreed to the equity-raising plan aimed at helping to growth.

Also, the Chinese firm plans to increase at a later stageits stake in the U.K. insurer by buying either additional new shares in PensionInsurance or holdings from existing shareholders, pending regulatory approvals.