Banponce Corp. said it began a subscription offering to shareholders of 2.3 million shares of common stock at an initial price of $23.75 apiece.

The bank holding company said shareholders will be entitled to buy one share of common for every 13 shares held Aug. 21.

The subscription will expire Nov. 6, unless extended. BanPonce said its unit, Banco Popular de Puerto Rico, will act as subscription agent. Net proceeds will be used for general corporate purposes.

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