IOOF Announces Completion of $734 million Capital Raising

September 02, 2020 01:09 PM AEST | By Team Kalkine Media

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IOOF Holdings Ltd (ASX:IFL) declared successful completion of institutional component of the capital raising announced on 31 August 2020. Some of the details are as follows:

The placement and the institutional part of 1 for 2.09 entitlement offer together raised about $734 million
The proceeds shall be used to partly fund the purchase of NAB’s wealth management business for $1,440 million and to give better financial flexibly for company’s growth
About $282 million was raised in the Institutional Entitlement offer through subscriptions for fully paid ordinary shares in IOOF at $3.5 per new share

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