Lendlease (ASX:LLC) today announced an equity raising to strengthen balance sheet looking to raise $950 million.
They are undertaking a fully underwritten institutional placement of $950 million and a nonunderwritten Security Purchase Plan to eligible security holders of up to $200 million.
It will be offered to institutional investors at $9.80 per security.
Leadlease expects gearing of between 10 per cent to 15 per cent at the end of June.
The board will determine at a later date whether a final dividend will be paid.
Shares in Lendlease (ASX:LLC) are currently in a Trading Halt - Last traded at $10.68