Challenger (ASX:CGF) completes $275 million institutional placement

Company News

by Rachael Jones

Challenger (ASX:CGF) today successfully completed the $270 million fully underwritten institutional placement announced Monday 22 June 2020.

Under the Placement, Challenger will issue approximately 55 million new fully paid ordinary shares to institutional investors at a price of $4.89 per share, representing an 8.1 per cent discount to Challenger’s last traded price on Friday 19 June 2020.

Challenger received significant interest in the Placement from both domestic and offshore institutional investors, with the Placement significantly oversubscribed.

Shares in Challenger (ASX:CGF) are trading 7.7 per cent lower at $4.91.