CalBank PLC has successfully completed its renounceable rights issue, raising a total of GH?145 million.

This follows the discontinuation of the legal action challenging CalBank’s GH¢600 million rights issue.

The offer was for over GH¢2 billion shares at GH¢ 0.29 per share, in a ratio of 1 offer share for every 0.3 existing share held by a qualifying shareholder.

Over 500 million shares were subscribed, raising a total of GH?145 million, which surpasses the minimum target of GH?120 million but fell short of the maximum target of GH?600 million.

According to the bank, proceeds from the offer will be used to support its growth strategy and deliver long-term value to its shareholders.