IOOF Holdings (ASX:IFL) complete insitutional offer

Company News

by Rachael Jones

IOOF Holdings (ASX:IFL) is pleased to announce that it has successfully completed the institutional component of the capital raising announced on 31 August 2020.

The fully underwritten institutional placement (Placement) and the institutional component of the fully underwritten 1 for 2.09 accelerated non-renounceable entitlement offer (Institutional Entitlement Offer), together raised approximately $734 million.

As announced on Monday, 31 August 2020, the proceeds from the Entitlement Offer, Placement and Share Purchase Plan will be used to partly fund the acquisition of NAB’s wealth management business (MLC) for $1,440 million.

The Institutional Entitlement Offer raised approximately $282 million from subscriptions for fully paid ordinary shares in IOOF at $3.50 per New Shares.

Shares in IOOF Holdings (ASX:IFL) are trading 13.70 per cent lower at $3.68.