SYDNEY, Australia – Macquarie Group Limited (ASX:MQG; ADR:MQBKY) has announced that it has successfully completed a AU$400 million capital raising in the domestic and international capital markets.
The news sends Macquarie Group Ltd (ASX:MQG)’s stock up 3.07 percent in the morning session at the Australian Stock Exchange. Shares of Macquarie Group Ltd was trading at AU$80.23 as of 11:30 a.m. at the ASX.
In a disclosure to the Australian Stock Exchange, Macquarie Group Ltd Chief Financial Officer Patrick Upfold said that the institutional placement, conducted by way of a bookbuild, will result in the issue of 5 million new fully paid ordinary shares at a price of AU$80 each.
The new shares will rank pari-passu with existing ordinary shares and be eligible for any interim dividend in respect of the six months ending 30 September 2015.
“Eligible Macquarie ordinary shareholders in Australia and New Zealand will also have an opportunity to participate in a capital raising by way of a share purchase plan (SPP),” Upfold said.
Further details of the SPP will be provided in a separate announcement on 30 October 2015.
“The placement was significantly oversubscribed receiving strong support from existing and new investors both in domestic and international markets. This outcome reflects the positive response from our shareholders to the Esanda dealer finance acquisition, as well as the continued growth across our existing businesses,” Upfold said.
The placement offer does not require shareholder approval and settlement is expected to take placed on 14 October. The shares are scheduled to commence trading on ASX on 15 October and will be eligible for any interim dividend for the six months ending 30 September 2015. – BusinessNewsAsia.com