Insurance broking network Steadfast Group (ASX:SDF) has raised $100 million in an institutional share placement.
More than 35 million ordinary shares will be issued at a price of $2.83 per share, representing a 3.4 per cent discount on Friday’s (1 December) closing price.
The placement, in addition to proceeds from a share purchase plan, will fund the acquisition of the entire issued share capital of Whitbread Insurance Group, and further growth opportunities.
In addition, Steadfast Group will issue approximately 6 million ordinary shares to the Whitbread vendors.
The share purchase plan, with shares priced at $2.83, will open on Wednesday 13 December 2017, giving eligible shareholders the option to purchase up to $15,000 worth of shares.
Shares in Steadfast Group (ASX:SDF) are trading 0.51 per cent higher to $2.94.