© Reuters. FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London

LONDON (Reuters) – Embattled British lender Metro Bank (L:) announced plans on Thursday to raise 350 million pounds at a price of 500 pence per share through an accelerated bookbuild closing no later than 4pm BST tomorrow.

The capital injection is needed to shore up its finances, five months after admitting it had under-reported the risk of its loan book by nearly 1 billion pounds.

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