Insurance Australia Group Limited
(ASX:IAG) has completed its institutional placement, raising $1.2 billion in ordinary equity.
IAG says the placement, priced at $5.47 per ordinary share, raised equity to help fund the purchase of Wesfarmers’ underwriting businesses.
The insurer requested the trading halt be lifted prior to the start of trade this morning.
The insurer intends to offer retail shareholders the chance to participate in a share purchase plan, with details set to be made available next month.
IAG generated a net profit of $882 million in fiscal 2013.
