Bapcor Limited (ASX:BAP) announced the successful completion of a $180 million underwritten institutional placement. The company issued 40.9 million new fully paid ordinary shares to the institutional investors and each share was issued at $4.40.
The proceeds would support Bapcor in lowering its net debt position and gearing. BAP is seeking to preserve improved levels of cash on balance sheet to provide liquidity as well as flexibility in the existing operating situation.
At AEST: 12:18 PM, BAP shares are trading at $5.120, up 6.445% from its previous close.