Brait took its heaviest pounding in the stock market in more than 19 months on Tuesday after the investment house unveiled plans to tap shareholders for R3bn via so-called exchangeable bonds.   

Under the fundraising effort, Brait, which is in the middle of a sweeping operational and strategic overhaul that will return it to its private equity roots, said its main operating unit is to issue 3-million exchangeable bonds — or a debt/equity hybrid that does well when markets go up and preserves some of its value when markets fall — for R1,000 each...

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