Australia's Westpac Banking Corp on Tuesday said it completed a discounted ...
FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray
The issue price for the placement was on par with its underwritten level of A$25.32 a share, which was at a 9% discount to Westpac’s closing price on Friday. Westpac shares, which resumed trading on Tuesday, slipped as much as 5.1% to A$26.460, the biggest drop since November 2018. Jennings said dilution was playing a part in the share movement, while the earnings drop showed the bank was facing “some serious headwinds.”
The capital raising also includes a non-underwritten share purchase plan through which the lender is targeting to raise an additional A$500 million.
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