CANBERRA: Macquarie Group has completed its “significantly oversubscribed” $400 million capital raising, which it launched yesterday to help pay for its purchase of ANZ’s Esanda dealer finance business.
Macquarie yesterday confirmed the $8.2 billion purchase of the Esanda business, with funding to come from existing funds, third-party financing arrangements and an institutional capital raising.
Macquarie issued five million new shares at $80 each, a 2.8 per cent premium to its last traded price. The bank’s shares were up 3.44 per cent to $80.52 at 10.30am (AEDT) against a benchmark index jump of 1.3 per cent. Earlier the shares touch a two-month high of $80.98.
“The placement was significantly oversubscribed receiving strong support from existing and new investors both in domestic and international markets,” chief financial officer Patrick Upfold.
“This outcome reflects the positive response from our shareholders to the Esanda dealer finance acquisition, as well as the continued growth across our existing businesses.” Mr Upfold said. Macquarie said Esanda will add 10c per share to its earnings over the coming year.
Meanwhile, ordinary shareholders will have the opportunity to buy into a share purchase plan soon to be detailed at the bank’s first half results at the end of October, potentially raising a further $150m for the group.
