Aug 15 (Reuters) - Challenger Ltd CGF.AX
* Announced a strategic relationship with MS&AD Insurance Group Holdings Inc supported by a $500 million equity placement to MS&AD
* MS&AD's holding will hold 6.3% stake and MS&AD has stated intention to grow its holding to 10% over next 12 months
* Challenger ordinary shares will be issued at $13.06 per share; new shares issued to MS&AD will not be eligible for final 2017 dividend