The Bank of Nova Scotia said on Wednesday it plans to sell the majority of its 37 percent stake in asset manager CI Financial via a secondary offering that could raise as much as C$2.62 billion ($2.4 billion).The offering, one of the largest in Canadian history, will see Scotiabank sell at least 72 million CI shares for a set price at C$31.60 a share, raising roughly C$2.28 billion.The syndicate of underwriters, led by Scotia Capital, RBC Capital Markets and GMP Securities LP also have an option to purchase a further 10.8 million shares to cover over-allotments, meaning the offering could raise over C$2.6 billion for Scotiabank.Earlier this month Scotiabank, CI's largest shareholder, said it planned to explore options to divest itself of some or all of its stake in CI and redeploy the capital.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS fell by 0.09% or $-0.06/share to $63.27. In the past year, the shares have traded as low as $52.05 and as high as $63.72. On average, 297930 shares of BNS exchange hands on a given day and today's volume is recorded at 209393.
CI Financial Corp. (CI) is a diversified wealth management and investment fund company. Shares of CIX fell by 0.38% or $-0.13/share to $33.65. In the past year, the shares have traded as low as $29.38 and as high as $37.00. On average, 306664 shares of CIX.TO exchange hands on a given day and today's volume is recorded at 420232.
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