- Insurance group Prudential said it had set an offer price for its capital raising in Hong Kong that would see it raise around $2.4 billion, including underwriting fees and other expenses.

New shares in the company would be offered at HK$143.80 ($18.47) each, the company said, providing more details of a raising that it first flagged on 20 September.

The majority of the net proceeds -- about $2.25 billion -- were expected to be used to redeem existing high-coupon debt.

The remainder would contribute to Prudential's central stock of liquidity, in order to further increase financial flexibility.

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