(Recasts, updates with final issue price)
KUALA LUMPUR, Nov 17 (Reuters) - Malaysia's state investment arm Khazanah Nasional Bhd on Monday set 6.25 ringgit as the final issue price for institutional investors for its second covered warrants package.
The covered warrants are convertible into shares of three of Malaysia's top companies -- toll road-operator PLUS Expressways Bhd , mobile phone operator Maxis Communications Bhd and car maker Perusahaan Otomobil Nasional Bhd (PROT.KL>.
Unlike ordinary warrants, a covered warrant entitles the holder to buy existing shares of a company at a predetermined exercise price.
The institutional price of 6.25 ringgit ($1.64) compares with the retail portion of 5.30 ringgit for each warrants package.
Both the institutional and retail offerings were oversubscribed by 37.52 times and 16.60 times, Khazanah said.
Last week, Khazanah also announced a high subscription rate for its offer of covered warrants packages exchangeable to shares of Telekom Malaysia Bhd , Commerce Asset-Holding Bhd and Malayan Banking Bhd (Maybank).
Khazanah said on Monday institutional investors would pay 7.95 ringgit for the covered warrants and retail investors 6.40 ringgit for the Telekom-Commerce-Maybank package. The final exercise price for Telekom covered warrants is 9.21 ringgit, Commerce 4.59 ringgit and Maybank 10.89 ringgit, it said.
Khazanah said the final exercice price for PLUS covered warrants is 2.79 ringgit, Maxis 8.11 ringgit and Proton 8.89 ringgit.
The sale comes hot on the heels of a similar sale of warrants in July where Khazanah raised about 204 million ringgit from the stock market.