Bapcor (ASX:BAP) has successfully completed its $180 million institutional placement.
Under the placement the company will issue around 40.9 million new fully paid ordinary shares to institutional investors at a price of $4.40 per share.
The company says the placement generated significant interest from institutional shareholders and was largely allocated to existing institutional shareholders on a pro rata basis.
The funds will be used tor educe Bapcor’s net debt position and gearing. The company says it is “seeking to maintain increased levels of cash on balance sheet to provide liquidity and flexibility in the current operating environment.”
Settlement of the placement is expected to occur on Tuesday, 21 April 2020.
Shares in Bapcor (ASX:BAP) are trading 0.83 per cent higher at $4.85.