Atlas Mara confirms 400m dollar fundraising

Atlas Mara Co-Nvest, the Africa-focused banking investor founded by ex-Barclays boss Bob Diamond, confirmed late on Tuesday that it planned to raise a gross 400m dollars in a private placement.The London-listed company said it it intended to sell 36.5m new shares at $11 per share to institutional investors to continue its acquisitive spree. The issue price is a 40 cents discount to the price in late March, when the shares have been suspended following the announced acquisition of Botswana-based BancABC for $265m in cash and shares in late March. Co-founded by ex-Barclays chief Diamond and Ugandan financier Ashish Thakkar, Atlas Mara also acquired in March a 9.1% stake in Union Bank of Nigeria and a preliminary deal to buy a majority stake in the Development Bank of Rwanda. This new placing eclipses its initial public offer last December, when the vehicle drummed up gross proceeds of $325m, including the founders' investment of $20m.Diamond has claimed to be "one of the very few global bankers that really understood Africa and banking in Africa", having gained experience through Barclays' presence in 15 African countries.The shares remain suspended until transactions close, which the company estimates will be on or about the end of July 2014.OH