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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.