Banco de Bogota Launches FO

Banco de Bogota has launched rights offering period for the sale of new ordinary shares, it says, targeting a base deal of COP1.0trn ($517m), that could be upsized to as much as COP1.3trn. The bank is offering shares at COP63,000 each, which compares to a COP67,980 market price Thursday. The offer period closes December 18. Banco de Bogota is managing the sale itself. Parent Grupo Aval agreed to pay $646m for BBVA Panama in July, and in June Banco de Bogota agreed to buy Grupo Financiero Reformador in Guatemala through its Credomatic subsidiary for $411m. Aval is itself preparing to raise up to COP2.4trn in the domestic equity market.