Reliance Worlwide resumes trade following $946M institutional offer

Company News

by Anna Napoli

Reliance Worldwide (ASX:RWC) has resumed trade this morning after raising $946 million in its institutional entitlement offer.

The global plumbing company says capital raised will be used to fund its acquisition of UK plumbing group, John Guest Holdings.

The offer was strongly supported by existing institutional shareholders who took up over 98 per cent of the new shares available to them.

Eligible retail shareholders will be invited to partake in a retail entitlement offer scheduled on the 14th of June.

Shares in Reliance Woldwide (ASX:RWC) are trading 21.6 per cent higher to $5.54.