Australian banking group Westpac is set to raise AUD645m by selling shares in its subsidiary BT Investment Management (BTIM).
The lender said that it has completed the institutional book build for the sale of 60 million shares at AUD10.75 each. The bank intends to use the proceeds to strengthen its balance sheet.
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According to the company, the sale represents a 10% discount to the 30 day volume weighted average price (VWAP).
The transaction, which is brokered and underwritten by Macquarie, will see the bank slashing its stake in BTIM from 30% to 9.8%.
Westpac Group CFO Peter King said: “The institutional book build has delivered a good result for Westpac and sees several high quality institutions join the BTIM register.”
