Toronto-based Equitable Group Inc. is selling 809,585 shares at C$61.76 apiece to OMERS, the pension plan for Ontario's municipal employees, for aggregate proceeds of up to C$50 million.

The shares represent about 4.9% of the issued and outstanding shares of Equitable Group after giving effect to the private placement, on an undiluted basis.

Net proceeds are expected to be invested in common shares of Equitable Group subsidiary Equitable Bank.

TD Securities Inc. acted as sole agent to Equitable Group in connection with the private placement, which is expected to close before the end of the calendar year. Closing is subject to acceptance from the Toronto Stock Exchange, among other things. Shares issued under the private placement will be subject to the required four-month hold period from the closing date.