Westpac Banking Corporation
(ASX:WPC) has completed the retail component of its fully underwritten pro rata accelerated renounceable entitlement offer.
The lender said it received over 300,000 applications to purchase approximately $1.3 billion of new fully paid ordinary shares in Westpac at an offer price of $25.50 per new share.
This represents a take-up rate of 70 percent of entitlements issued to eligible retail shareholders, with 22.7 million entitlements offered for sale through a bookbuild process after market close yesterday.
New shares to be issued under the retail entitlement offer are expected to be issued on Friday and to commence trading on a normal settlement basis on the ASX on Monday 23 November.
Westpac reported a net profit of $8.06 billion at 30 September 2015.
