Qube Holdings (ASX:QUB) will raise $500 million to strengthen its balance sheet.
The raise is through a 1-for-6.35 fully underwritten accelerated non-renounceable pro rata entitlement offer.
The funds will also be used to support investment in Qube's core business, including growth capital expenditure on recent contract wins and strategic acquisitions.
New shares will be sold at $1.95 each, a 10.3 per cent discount to the theoretical ex-rights price of $2.17 a share.
Qube Holdings Managing Director Maurice James says despite the near term challenges of COVID-19, the company’s diversified business remains resilient and the long term strategic growth priorities remain unchanged.
Shares in Qube (ASX:QUB) last traded at $2.21.