Cal Bank says it has raised about GH¢13.9 million out of the GH¢27.4 million it put up in the rights offer, representing a 50.62 per cent subscription. This is just about what is needed to make the offer successful. The amount is also enough to enable the bank exceed the new capital requirement for local banks of GH¢25 million ahead of the stipulated date of 2010. But the level of subscription also means not all shareholders took up their rights. Joy Business sources say some major individual shareholders among the top ten shareholders of the bank did not take up their rights. Meanwhile Cal announced yesterday that it is in talks with some institutional investors who have expressed interest in taking up the unsubscribed shares. These investors, Joy Business has learnt, can together raise between 40 and GH¢60 million. But because of the huge stake involved, they will require approval from the Central Bank. That perhaps is the reason why their subscription was not taken and included in the results of the offer. Source: Joy Business/Myjoyonline.com/Ghana