National Australia Bank (ASX:NAB) completes $3 billion institutional placement

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) has today successfully completed $3 billion fully underwritten institutional placement that was announced yesterday.

Under the Placement NAB will issue approximately 212 million new fully paid ordinary shares (Placement Shares) at a price of $14.15 per Placement Share.

NAB received significant interest in the Placement from both domestic and offshore institutional investors.

Eligible institutional shareholders who bid for an amount less than or equal to their ‘pro rata’ share of Placement Shares were allocated their full bid.

Shares in National Australia Bank (ASX:NAB) are trading 1.5 per cent lower at $15.52.