Westpac Banking Corporation
(ASX:WBC) intends to reduce its holding in BT Investment Management (BTIM) from 29% to 10%.
As part of the plan, it will make a fully-underwritten offer of 60 million shares to institutional investors.
The 60 million shares equate to about 19% of the fund managers shares on issue.
Westpac says the offering is at $10.25 to $10.75 per share, which is a 14% discount to the 30 day VWAP of $11.94.
The bank says it also intends to sell its entire holding in the fund manager in the future, subject to market conditions.
Shares in Westpac Banking Corporation
(ASX:WBC) closed 0.72% lower yesterday to $30.55.
