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IOOF raises A$461M in share issue

IOOF Holdings Ltd. raised A$461 million following an issuance of shares.

The company said it completed an institutional placement of 43.5 million shares at an issue price of A$10.60 per share.

The placement was undertaken to partially fund the acquisition of Australia & New Zealand Banking Group Ltd.'s pensions and investments businesses.

IOOF Holdings will also open a share purchase plan on Oct. 25 to raise up to A$100 million. Under the share purchase plan, eligible shareholders may purchase new IOOF shares at a discounted price.

The company added that it may scale back applications if demand exceeds A$100 million or if it raise a higher amount. Further details of the offering will be released during the week of Oct. 23.