Seven Group Holdings Limited (ASX:SVW)
has announced an equity raising, consisting of a fully underwritten $500 million placement of ordinary shares to institutions and sophisticated investors and a $50 million non-underwritten share purchase plan.
The purposes of the equity raising include: reducing overall net debt, improving liquidity, and facilitating portfolio growth opportunities following the company's recent $1,072 million investment in Boral (ASX:BLD)
CEO and Managing Director Ryan Stokes comments, “This equity raising is an important step for SGH to strengthen our balance sheet and provide flexibility for future growth... Today’s raising follows positive investor feedback and reflects a desire to see a continued increase in free float."
Shares in Seven Group Holdings (ASX:SVW)
last traded at $23.43.