The National Australia Bank (ASX:NAB) upsizes SPP to $1.25 billion

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) has increased the size of its share purchase by $750 million to $1.25 billion.

Approximately 88 million new fully paid NAB ordinary shares will be issued to successful applicants on Tuesday, 2 June 2020 at an issue price of $14.15 per SPP Share, representing approximately 2.8 per cent of NAB’s ordinary shares on issue.

The SPP offer was made to approximately 615,000 eligible shareholders, with valid applications received from approximately 155,000 eligible shareholders for a total value of approximately $2.9 billion.

Shares in National Australia Bank (ASX:NAB) are trading 3.85 per cent higher at $17.28.

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.