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Macquarie to raise A$1B in equity capital; provides guidance for fiscal half

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Macquarie to raise A$1B in equity capital; provides guidance for fiscal half

Macquarie Group Ltd. is raising A$1 billion in equity capital and flagged a 10% increase in its first-half net profit but still expects its annual result to be slightly down from the prior-year period.

The placement price will be determined by a bookbuild process. The placement represents about 2.5% of the total existing Macquarie shares on issue.

The group said the Aug. 28 that the additional capital provides flexibility to invest in new opportunities. The group anticipates A$1 billion in net capital investment in the current quarter ending Sept. 30. This includes investments in renewables, technology and infrastructure sectors.

Macquarie also provided more information about its short-term outlook. The first half result for the fiscal year is expected to be up 10% from the prior-year period. The group's result for fiscal 2020 is expected to be slightly down year over year. The short-term outlook remains subject to the completion of transactions, market conditions and potential regulatory changes, among others.