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Discovery said it’ll place new shares in an accelerated bookbuild to get nearly R1.85 billion?to fund a number of acquisitions from FirstRand.

Rand Merchant Insurance offers apply for approximately R464 million with the shares and certain directors of Discovery, including ceo Adrian Gore, will subscribe for any total of R240 million on the shares, the Johannesburg company said in the statement on Thursday.

The book to your placement is “open with immediate effect which is likely close once possible” with pricing and allocations for being announced as soon as the closing, Discovery said.

Discovery is separating its business from FirstRand as it is about to start a rival banking operation.

? 2018 Bloomberg L.P