Incitec Pivot Limited (ASX:IPL) has finalised $600 million placement. Under this fully underwritten institutional placement, the company would be issuing 300 million new fully paid ordinary shares at A$2.00 per Placement share to the institutional and professional investors.
Around 98% of the Placement shares were assigned to the existing shareholders.
IPL also announced that it would be offering existing shareholders an opportunity to participate in a non-underwritten share purchase plan up to $75 million. Under this, the qualified IPL shareholder would be able to apply for up to $30,000 of new fully paid IPL ordinary shares, without brokerage, commission or any transaction cost.