CBA gets 90 per cent institutional take-up of entitlements 18 August 2015 3:53PM John Kavanagh Commonwealth Bank has completed the institutional component of its entitlement offer, raising A$2.1 billion of its target $5 billion.Institutional investors exercised around 90 per cent of their entitlements, with unexercised entitlements acquired by other institutional investors in a bookbuild.The offer price was $71.50 a share and the clearing price in the bookbuild $78 (the offer price plus $6.50 per entitlement). The bank said it expected new shares under the offer to be issued and commence trading on August 26.The retail component of the offer, which is expected to raise about $3 billion, will open on August 24.The offer is a one for 23 pro rata renounceable entitlement at $71.50 - a 10.5 per cent discount to the dividend-adjusted closing price on August 11.CBA's pro forma common equity tier one capital ratio will rise from 9.1 per cent to 10.4 per cent.