On 20 February 2020, Orica Limited (ASX: ORI) announced the completion of $500 million fully underwritten placement of nearly 23.6 million new fully paid ordinary shares to institutional investors at a placement price of $21.19 per new share.
Orica mentions that a part of proceeds will be used to fund the strategic acquisition of Exsa.
Settlement of the Placement is likely to take place on 24 February 2020, followed by issuance of new shares on 25 February 2020.
In accordance with a share purchase plan, ORI shall also offer its eligible shareholders the opportunity to apply for up to $30,000 of new shares which shall be without charge of any commission, brokerage and transaction costs.
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