Funeral services provider, InvoCare (ASX:IVC) has announced the successful completion of its fully underwritten institutional placement.
The Placement was strongly supported by existing and new institutional shareholders, and raised approximately $65 million.
Net proceeds from the raising will be applied to InvoCare’s strategic growth objectives
InvoCare will now offer all existing eligible ordinary shareholders the opportunity to partake in a non-underwritten share purchase plan. The plan is capped at $15,000 per shareholder and $20 million in aggregate.
Invocare says it's excited by the growth outlook for it's business, driven by Protect & Grow and supported by it's Regional Acquisition Strategy.
Shares in Invocare (ASX:IVC) are trading 2.65 per cent lower to $13.96.