Bank Danamon is planning to raise around $586 million in a rights offer, Bloomberg reports. The Indonesian lender will sell a total of 1.2 billion shares at $0.48-0.56 per unit.

Bank Danamon intends to use the proceeds from the offering to fund its loan growth and strengthen its capital position. Citigroup and Deutsche Bank are the lead managers on the offering.

Click here for the story from Bloomberg.

Click here for additional coverage from Reuters.